(1)In
the name of the subdistrict and not otherwise, when authorized by the plan of
organization and decree of court organizing said subdistrict to do so, the district
may issue general obligations or bonds which shall constitute a lien against the real
property in said subdistrict. Said obligations shall bear interest at a rate such that
the net effective interest rate of the issue does not exceed the maximum net
effective interest rate authorized. Interest shall be payable semiannually, and said
obligations may be issued and made payable in series becoming due not less than
five years and not more than fifty years after the date of issue. Such bonds are to
be paid from assessments levied from time to time, as the bonds and interest
thereon become due, against the real property
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(1) In
the name of the subdistrict and not otherwise, when authorized by the plan of
organization and decree of court organizing said subdistrict to do so, the district
may issue general obligations or bonds which shall constitute a lien against the real
property in said subdistrict. Said obligations shall bear interest at a rate such that
the net effective interest rate of the issue does not exceed the maximum net
effective interest rate authorized. Interest shall be payable semiannually, and said
obligations may be issued and made payable in series becoming due not less than
five years and not more than fifty years after the date of issue. Such bonds are to
be paid from assessments levied from time to time, as the bonds and interest
thereon become due, against the real property in said district and not otherwise.
The board of directors of said district shall certify to the boards of county
commissioners of the several counties in which said subdistrict or any part thereof
is located the amount of the levy necessary to pay said bonds as they mature, and
also to pay the interest becoming due on all outstanding bonds, at the same time
that like certificates are made under this article for assessments on special
improvement district bonds, and the procedure for the assessment and collection of
revenue or taxes of the county and state are, except as may be otherwise provided
in this article, made applicable and are to be followed in the levy of assessments for
payment of taxes and collection of principal and interest on such general
obligations.
(2) The subdistrict, in its own name, may issue revenue bonds to finance, in
whole or in part, the construction of works, reservoirs, or other improvements for
the beneficial use of water for the purposes for which it has been or may be
appropriated, whether or not the interest on such bonds may be subject to taxation.
Such revenue bonds shall be issued in such denominations and with such maximum
net effective interest rate as may be fixed by the board of directors of the
subdistrict and shall bear interest such that the net effective interest rate of the
bonds does not exceed the maximum net effective interest rate authorized. The
board shall pledge only rental proceeds, service charges, and other income (or any
combination thereof) from such works or other improvements, and the subdistrict
shall not be otherwise obligated for the payment thereof. At the time said revenue
bonds are issued, the board of directors of the subdistrict shall make and enter in
the minutes of the proceeding a resolution in which the due dates of such revenue
bonds, the rates of interest thereon, the general provisions of the bonds, and a
recital that the same are payable only out of rental proceeds, service charges, and
other income (or any combination thereof) are set forth. In addition, the board of
directors shall require the payment of rental charges, service charges, or other
charges by the political subdivisions or persons who are to use or derive benefits
from the water or other services furnished by such works or improvements. Such
charges shall be sufficient to pay operation and maintenance expenses thereof, to
meet said bond payments, and to accumulate and maintain reserve and
replacement accounts pertaining thereto as set forth in such resolution. Such
resolution shall be irrepealable during the time that any of the revenue bonds are
outstanding and unpaid. The revenue bonds shall be signed Water Users'
Association No. ... in the Southwestern Water Conservation District, By ............,
President. Attest ..........., Secretary or Special Improvement District No. .... in the
Southwestern Water Conservation District, By ........., President. Attest ............,
Secretary, and they shall be countersigned by the treasurer.