48-2465. Revenue bonds
A. To undertake, carry out and accomplish any or all of the purposes and powers of
the district authorized or permitted by law, the district may borrow money and issue its
negotiable bonds therefor. No bonds may be issued unless authorized by a resolution of
the board of directors adopted by an affirmative vote of a majority of its members, which
shall set forth a brief description of the undertaking to be accomplished, the estimated
cost thereof, and the amount, maximum rate of interest and time of payment of the
bonds. In districts that have both a board of directors and a council pursuant to
article 3 of this chapter, no bonds may be issued unless the council by resolution
adopted by an affirmative vote of a majority of its members ratifies and confirms the
amount of bonds authorized to be issued by the board of directors. Written notice of any
meeting of the board or council for the purpose of taking action under this section shall
be sent to all members thereof by certified mail at least three days prior to the date of
such meeting.
B. No bonds shall be issued pursuant to this article until the district first
secures an order authorizing the issuance of such bonds in accordance with those
provisions of section 40-302 pertaining to the issuance of bonds. All additional costs
which are necessarily incurred by the corporation commission in connection with securing
such order shall be paid for by the district.
C. The principal of and interest on such bonds and premiums, if any, shall be
payable solely from the revenue of the district, or any part thereof, or all or any part
of the revenue from the undertaking, as shall be pledged thereto in the authorizing
resolution, which may include, if the resolution so provides, revenues derived by reason
of future improvements, enlargements, extensions or repairs thereto, or revenues from the
operation of all or any part of the district or undertaking. No bond or coupon may be
issued pursuant to this article for which taxes or assessments upon or against the lands
included within the district may be levied, nor may payment thereof be enforceable out of
any funds other than the revenue pledged to the payment thereof. Any other provision of
law to the contrary notwithstanding, bonds issued under the provisions of this article
shall not be a lien upon the real property included in the district, and neither such
bonds nor the interest thereon may be payable from the levy of taxes upon the real
property included in the district. No referendum or election is required for the
issuance of bonds authorized in this article.
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