§ 41-10-127 — Maximum aggregate amount of bonds or other evidences of indebtedness

The aggregate amount of bonds or other evidences of indebtedness
shall not exceed six percent (6%) of the assessed value of the
taxable property within the district as shown by the last
preceding general assessment; provided, however, that in
determining the amount of indebtedness, there shall not be
included within the computation, bonds or other evidences of
indebtedness outstanding or authorized to be issued for
supplying water to the district, short-term notes, special
assessment securities, or securities payable solely from the net
revenues of an income-producing system or other project.