§ 37-50-124 — Election to authorize debt

Except for the issuance of refunding
bonds or other funding or refunding of obligations that does not increase the net
indebtedness of the district, no indebtedness shall be incurred by the issuance of
general obligation bonds of the district or by any contract by which the district
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 to the federal government, the state, a political
subdivision, or a 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 in the facilities, 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 in the project or
facilities acquired and becoming a part of the facilities of the district, or otherwise
advanced, unless a proposal for issuing the district's general obligation bonds or of
incurring an indebtedness by the district by making such a contract is submitted to
the electors of the district 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.

Legislative History

Source: L. 2004: Entire article added, p. 1918, � 1, effective August 4.