Section 46A-7A-88 - Temporary borrowing prior to approval of bonds--Funds for repayment--Maximumamount.
46A-7A-88. Temporary borrowing prior to approval of bonds--Funds for repayment--Maximum amount. Prior to approval and sale of district bonds as provided under the provisions of § 46A-7A-120, the board by resolution may make temporary borrowings to finance planning and any other district activities. Such borrowings shall be payable from an initial bond sale or, if no bonds are sold, from benefit assessments levied on all lands in the district under the provisions of § 46A-7A-84 or from other funds available to the district. The terms and conditions of borrowings shall be set by the board. The borrowings may not exceed a total of ten dollars times the number of assessable acres of the district.
Source: SL 1985, ch 360, § 88.