General obligation bonds
(1) For the purpose of carrying into effect any of the powers granted by this chapter, a district, when authorized at any properly called election held for the purpose, has the power to borrow money, and sell and dispose of general obligation bonds. Outstanding bonds shall never exceed in the aggregate two and one-half percent of the real market value of all taxable property within the district.
(2) The bonds shall be issued from time to time by the district board in behalf of the district as authorized by the electors thereof. The bonds shall mature serially within not to exceed 50 years from issue date. However, for an indebtedness to the federal government or this state, the district may issue one or more bonds of the denominations agreed upon. Bonds shall bear interest at a rate payable semiannually as the board shall determine. The bonds shall be so conditioned that the district shall promise and agree therein to pay to the bearer at a place named therein, the principal sum, with interest at the rate named therein, payable semiannually, in accordance with the tenor and terms of the interest coupons attached.
(3) For the purpose of additionally securing the payment of the principal and interest on general obligation bonds issued under this section, the district shall have the power, by resolution of the district, which resolution shall constitute part of the contract with the holders of the bonds, to pledge all or any part of the net revenue of the district. The district board may adopt such a resolution without submitting the question of the pledge to the electors of the district. [1969 c.606 §47; 1983 c.347 §30; 1991 c.459 §430]
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