§ 35-3-115 — Bonds; general requirements as to issuance; tax levy

The district may borrow money for corporate purposes and issue
its general obligation bonds therefor, but the principal amount
of the general obligation bond shall not exceed ten percent
(10%) of the assessed valuation of the taxable property in the
district and the district shall cause to be levied and collected
annually a tax by valuation on all the taxable property in the
district, except intangible property, sufficient to pay the
interest and principal of the bonds as the interest and
principal become due and payable. In lieu of the issuance of
general obligation bonds, the district may issue its revenue
bonds to pay all or part of the cost of the improvements and
pledge and hypothecate the revenues and earnings of its sewer
system for the payment of the revenue bonds, and enter into a
contract with reference thereto as may be necessary or proper.
The district may pay part of the cost of the improvements by the
issuance of general obligation bonds and part by the issuance of
revenue bonds. The procedure for the issuance of the bonds shall
be that prescribed by this act. The limit on the amount of the
bonds shall not apply to revenue bonds payable solely from the
revenues and earnings of the district.