71.802. General obligation bonds authorized, when--election, notice of--form of ballot.
General obligation bonds authorized, when--election, notice of--formof ballot.
71.802. 1. Any district established under the provisionsof sections 71.790 to 71.808 may, upon approval of theconstitutionally required percentage of the voters of thedistrict voting thereon, incur indebtedness and issue bonds ornotes for the payment thereof. Notice of the election, theamount and the purpose of the loan shall be given.
2. The question shall be submitted in substantially thefollowing form:
Shall the special business district incur indebtedness forthe purpose of ....... in the amount of .... dollars, evidencedby the issuance of bonds or notes and levy a real estate tax topay therefor?
3. If the constitutionally required percentage of the votescast are for the indebtedness, the district shall, subject tothe restrictions of section 71.796 and section 71.800, be vestedwith the power to incur indebtedness in the name of thedistrict, to the amount and for the purposes specified on theballot, and issue the bonds of the district for the paymentthereof.
4. The indebtedness authorized by this section shall not becontracted for a period longer than twenty years, and the entireamount of the indebtedness shall at no time exceed, includingthe existing indebtedness of the district, in the aggregate tenpercent of the value of taxable tangible property therein, asshown by the last completed assessment for state and countypurposes.
5. It shall be the duty of the district to provide for thecollection of an annual tax sufficient to pay the interest onthe indebtedness as it falls due, and also to constitute asinking fund for the payment of the principal thereof within thetime the principal becomes due.
(L. 1972 H.B. 1156 § 7, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)