48-2020

48-2020. Bond election; subsequent bond
election

A. After approval of the survey or plan and report prepared under section 48-2015
the board of directors of the district shall submit to the qualified electors of the
district the proposition of incurring bonded indebtedness to obtain funds with which to
acquire the property and perform the work set forth by the report. An election under this
subsection must be held on the first Tuesday following the first Monday in November as
prescribed by section 16-204, subsection B, paragraph 1, subdivision (d). The resolution
calling the election shall set forth:

1. The purposes of the proposed indebtedness.

2. A reference to the report for particulars.

3. The amount of the proposed indebtedness.

4. The part of the principal to be paid each year.

5. The maximum rate of interest to be paid.

6. The date of the election.

7. The election precincts, polling places and election officers.

B. Notice of the election shall be given and the election shall be held in the
manner prescribed by title 16.

C. If the proposition of issuing bonds fails to receive the requisite number of
votes to authorize issuance of the bonds, the board of directors may call another
election on the question of issuing bonds under the terms of this article, either for the
same purposes or for any lawful purpose of the district.