247.550. District may borrow money--procedure.
District may borrow money--procedure.
247.550. 1. Any district organized hereunder shall havepower to borrow money for any of the purposes provided for insections 247.230 to 247.670, and to issue bonds therefor. Insuch event the board of directors shall proceed substantially asfollows:
(1) The board shall adopt a resolution reciting thenecessity for the borrowing of money, the amount of moneynecessary to be raised, the purposes thereof, the amount and typeor character of bonds to be issued.
(2) Such resolution shall also fix the date of an electionto be held for the purpose of testing the sense of the voters ofthe district on the question to borrow money and issue bonds inevidence thereof.
(3) Such resolution may submit at such election a proposalto issue general obligation bonds or special revenue obligationbonds, or both. Districts organized under the provisions ofsections 247.230 to 247.670 may issue either general obligationbonds or special revenue obligation bonds provided that the typeor character of bonds to be issued shall be determined by theboard of directors in advance of calling the bond election andshall be stated in the notice of election as herein provided.
2. If the question is to issue general obligation bonds, itmust be assented to by two-thirds of the voters of the districtvoting on the question; if the question is to issue specialrevenue obligation bonds, it must be assented to by four-seventhsof the voters on the question.
(L. 1949 p. 350 § 32, A.L. 1978 H.B. 971)