48-3751. Ordinances; revenue bonds
A. An ordinance adopted pursuant to section 48-3712 shall set forth a plan for the
district to borrow money and issue its negotiable revenue bonds. The ordinance may
determine the maximum amount of bonds, the maximum rate of interest and the time of
payment of the bonds.
B. The principal of and interest and premiums, if any, on bonds are payable solely
from revenues of the district as may be pledged by the district including monies received
from the sales of services or from contracts of every nature. Ad valorem property taxes
shall not be pledged to, levied for or used to pay principal, interest or premiums on any
bonds issued under this article. Payment is not enforceable out of any monies other than
the revenues pledged to the payment. No referendum or election is required for the
issuance of bonds authorized in this article.
C. Bonds may bear interest at rates that may fluctuate below a maximum interest
rate established in the ordinance. The board may designate a remarketing agent to set
and reset interest rates in accordance with the ordinance or any authorizing resolution
or trust indenture adopted or entered into by the district in accordance with the
ordinance. The district may contract for and purchase credit enhancement in the form of
letters of credit, surety bonds, bond insurance policies, bond purchase agreements and
other contractual arrangements providing either credit for the bonds, liquidity to the
bondholders or credit facilities obtained in lieu of reserves.
D. Subject to the limitations of this article, the district may do all things,
enter into all contracts and dispose of bond proceeds in the manner deemed necessary by
the board to effectuate the purpose for which the bonds are issued and secure payment of
the principal and interest on the bonds.
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