247.590. Issuance of current revenue bonds, when--execution.
Issuance of current revenue bonds, when--execution.
247.590. During the period of time required to collect anytax or property within the district levied for general operatingpurposes the board may issue and sell current revenue bonds tobear interest at not to exceed six percent per annum to meet thecurrent expenses of the district incurred in advance of therevenue to be derived from such tax levy, and to be paid out ofsuch current revenue levied for general operating purposes whencollected. Such bonds may be for six, nine or twelve months andshall not exceed in the aggregate one-half of the revenue for thefiscal year for which they are issued. The president of theboard shall execute the bonds on behalf of the district and theyshall be attested by the secretary with the seal of the district.
(L. 1949 p. 350 § 36)