§ 37-48-175 — Election to authorize debt

Except for the issuance of refunding
bonds or other funding or refunding of obligations which does not increase the net
indebtedness of the district or any subdistrict so proceeding, no indebtedness shall
be incurred by the issuance of general obligation bonds of any subdistrict or by any
contract by which the district or a subdistrict agrees to repay as general obligations
or other obligations constituting a general obligation debt by loan in any form, as
such term is used in section 6 of article XI of the state constitution, of the district or
subdistrict, respectively, to the federal government, any political subdivision, or any
person over a term not limited to the then current fiscal year any project costs
advanced thereby under any contract for the acquisition or improvement of the
facilities or any interest therein, or for any project, advanced by the issuance of
securities of such a political subdivision or person to defray any cost of the project
or of the facilities or an interest therein thereby acquired and becoming a part of
the facilities of the district or subdistrict, or otherwise advanced, unless a proposal
of issuing the subdistrict's general obligation bonds or of incurring an indebtedness
by the district or subdistrict by making such a contract is submitted to the electors
of the district or subdistrict, as the case may be, and is approved by a majority of
such electors voting on the proposal at an election held for that purpose in
accordance with this article and with all laws amendatory thereof and
supplemental thereto.

Legislative History

Source: L. 77: Entire section added, p. 1676, � 16, effective June 9.