51-35-341 - Preliminary expenses.
§ 51-35-341. Preliminary expenses.
The district may borrow funds for a period of not to exceed three years and may renew and extend said loans from time to time, from any city, municipality, county, state, the United States of America, or any of its agencies or departments, or from any other source to pay the preliminary expenses of organizing the district or for carrying out any of the purposes of this article, including engineering services, attorneys fees and expenses, and other organization and administration expenses, on such terms of repayment as the board of directors shall determine; and any municipality or county in which any part of the district shall lie may advance or loan funds to said district for such purposes. Any such municipality or county making such loan or advance is authorized and empowered to borrow money for a period not to exceed three years from the date of such borrowing for the purpose of making such loan or advance. The board of directors is hereby authorized to repay any such advances from the proceeds of any bonds issued under the provisions of this article. In the event any said loan or advance is not paid at maturity thereof, the district is authorized to levy a tax on the lands of the district under the provisions of this article for the repayment thereof.
Sources: Codes, 1942, § 3665-22; Laws, 1962, ch. 226, § 22, eff from and after passage (approved March 20, 1962).