48-3194. Limitation on bonded
indebtedness


No bonds shall be issued by a district which will cause the total aggregate
outstanding bonded indebtedness of the district and other district obligations for the
payment of money to exceed sixty per cent of the estimated market value of the lands
within the district, after its system or irrigation works has been completed, and for the
irrigation works owned or to be acquired by the district with the proceeds of the bonds.