§ 37-7-202 — Bonds issued only when authorized by district court; hearing and notice; interest rate; conditions of sale

Power districts organized pursuant to petitions stating that the
bonds to be issued by the district for the purpose of raising
money shall be a lien only upon the power plant, distribution
system and other property used in the manufacture or
distribution of electrical energy, and upon the revenues from
electrical energy so developed or distributed, may issue bonds
only when so authorized by the district court having
jurisdiction thereof, and the bonds shall not be offered for
sale to the public generally unless the court shall so provide
in its order. Commissioners of a district desiring to issue
bonds, shall first present to the court a full showing of the
necessity and proposed conditions of the bonds, and, after
giving such notice as the court may require to all parties
interested, the court shall hear the petition and make orders
fixing the terms and conditions of bond issue as shall to the
court seem proper. Bonds shall not be sold at less than ninety
percent (90%) of their par value.