§16-12-9. Borrowing money; procedure for issuance of revenue or
tax obligation bonds; debt limitation.
Said sanitary district may borrow money for corporate
purposes and may issue revenue and/or tax obligation bonds
therefor, but shall not become indebted in any manner, or for any
purpose whatsoever, beyond an amount in the aggregate to exceed
five percent of the valuation of the taxable property within said
district, to be ascertained by the last assessment for state and
county taxes, previous to incurring of said indebtedness.
Whenever the board of trustees of such sanitary district desires
to issue bonds hereunder they shall order an election to be held
in such sanitary district upon the question. Notice of such
election shall be given by said board of trustees by publication
of such notice as a Class II-O legal advertisement in compliance
with the provisions of article three, chapter fifty- nine of this
code, and the publication area for such publication shall be the
sanitary district. The first publication shall be made at least
twenty days prior to said election. The notices of election
shall state the amount of bonds to be issued and the polling
places at which the election shall be held. The board of
trustees shall appoint judges and clerks for such election and
the return of such election shall be filed with the clerk of the
board of trustees and be canvassed and the result ascertained by
said board and entered upon the records of the sanitary district.
If it shall appear that a majority of the voters voting at said
election on said question shall have voted in favor of the issue
of the said bonds, the board of trustees shall order and direct the execution of the bonds for and on behalf of said sanitary
district. All bonds issued hereunder shall mature in not
exceeding thirty annual installments. The ballots at elections
held under this section shall be in substantially the following
form, to wit:
Proposition to issue bonds of _________________ sanitary
district to the amount of ___________________ dollars.