§ 35-9-204 — Issuance of bonds; authority of board to submit questions to electors; restriction upon amount; interest; purpose

The board of directors of a fire protection district is
authorized, whenever a majority thereof so decide, to submit to
the electors of the district the question whether the board
shall be authorized to issue the coupon bonds of the district in
a certain amount, not to exceed four percent (4%) of the
assessed valuation of taxable property in the district, and
bearing a certain rate of interest, payable and redeemable at a
certain time, not exceeding twenty-five (25) years for the
purchase of real property, for the construction or purchase of
improvements, and for equipment for fire protection district
purposes.