Section 9-641 - Borrowing from other sources.
§ 9-641. Borrowing from other sources.
(a) Permitted.- If the governing body of each member county that has territory in the service area of the project approves, a district may borrow money and pay interest to provide interim financing for a project.
(b) Restriction on period.- Borrowing under this section may not be for a period of more than 5 years.
(c) Guaranteed payment.- Each member county that approves a borrowing under this subsection shall guarantee payment of the principal and interest in the same way that a county makes guarantees under Part VIII of this subtitle.
[An. Code 1957, art. 43, § 650; 1982, ch. 240, § 2.]