48-2718. Limit of indebtedness;
exception
The board of directors shall not incur any debt or liability whatever, either by
issuing bonds or otherwise, in excess of the express provisions of this chapter, and any
debt or liability incurred in excess of such express provisions shall be absolutely void,
but for the purposes of organization, or for any of the purposes of this chapter, the
board of directors may, before the collection of the first assessment, incur an
indebtedness not exceeding in the aggregate two thousand dollars, and may cause warrants
of the district to issue therefor bearing interest at seven per cent per annum.
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