48-3215. Revenue bonds
A. To undertake, carry out and accomplish any 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. Written notice of any meeting of the board for the purpose of taking action under
this section shall be sent to all members thereof by certified mail at least ten days
before the date of the meeting.
B. 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, revenue derived by reason
of future improvements, enlargements, extensions or repairs thereto, or revenues from the
operation of all or part of the district or undertaking. No bond or coupon may be issued
pursuant to this article for which taxes or assessments on or against the lands included
in the district may be levied, nor may payment thereof be enforceable out of any funds
other than the revenue pledged to the payment thereof. Notwithstanding any other
provision of law, bonds issued under this article are not a lien on the real property in
the district, and neither such bonds nor the interest thereon may be payable from the
levy of taxes on the real property in the district. No referendum or election is
required for the issuance of bonds authorized in this article.
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