§ 35-3-121 — Bonds; objections to issuance; submission of question to voters; issuance upon favorable vote; rate of interest

If the electors of the district, equal in number to forty
percent (40%) of the electors of the district voting at the last
general state election, file written objections to the proposed
issuance of the bonds with the clerk of the board of trustees
within twenty (20) days after the first publication of notice,
the board of trustees shall submit the proposition of issuing
the bonds to the electors of the district at an election on a
date as determined by the board of county commissioners and
authorized under W.S. 22-21-103, notice of which shall be given
by publication in a legal newspaper published or of general
circulation in the district three (3) consecutive weeks. If a
majority of the qualified electors of the district, voting upon
the proposition, vote in favor of issuing bonds, the board of
trustees may issue and sell bonds and, if revenue bonds are
issued, pledge for the payment of same the revenues and earnings
of the improvements as proposed in the notice, and enter into
contracts in connection therewith as may be necessary or proper.
The bonds shall draw interest from and after the date of the
issuance thereof, at a rate determined by the board. In the
event the electors fail to approve the proposition by majority
vote, the proposition shall not be again submitted to the
electors for their consideration until five (5) months have
elapsed from the date of the election.