Section 9-683 - Limitation on total of outstanding bonds.
§ 9-683. Limitation on total of outstanding bonds.
A district may not issue for a service area any bonds that, when added to the outstanding and unpaid bonds already issued for that service area, would result in a total bond issuance that exceeds 25 percent of the total value of property in the service area, as assessed for county taxation.
[An. Code 1957, art. 43, § 654; 1982, ch. 240, § 2.]