85-9-623. Issuance of bonds -- resolution and election.
85-9-623. Issuance of bonds -- resolution and election. When the directors find it necessary to issue bonds, the directors shall:
(1) pass a resolution that includes:
(a) the purpose or purposes for which the bonds will be issued;
(b) the maximum amount and term of the bonds;
(c) the maximum interest rate that the bonds will bear;
(d) whether the bonds will be repaid from revenue, assessments, or both;
(2) give notice, as provided in 85-9-103(9), that must include the resolution adopted by the directors and the location of polling places unless the election is conducted by mail ballot, as provided in Title 13, chapter 19; and
(3) hold an election as provided by 85-9-422.
History: En. Sec. 28, Ch. 100, L. 1969; R.C.M. 1947, 89-3428; amd. Sec. 70, Ch. 387, L. 1995; amd. Sec. 15, Ch. 234, L. 1997.