7-13-309. Joint district bonds authorized. (1) Upon approval of the board of directors of the joint district, a joint district may borrow money by the issuance of its bonds to:
     (a) provide funds for payment of part or all of the cost of acquisition of property, construction of improvements, and purchase of equipment;
     (b) provide an adequate working capital; and
     (c) pay costs related to the planning, designing, and financing of a solid waste management system.
     (2) The amount of bonds issued for the purposes provided in subsection (1) and outstanding at any time may not exceed 22.5% of the taxable value of the property in the joint district as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds.
     (3) Each year at the time of levying county taxes, the board of county commissioners of each county in the joint district shall fix and levy a tax upon all property in the county within the joint district that is sufficient to raise the amount certified by the board of directors of the joint district for payment of bonded indebtedness of the district.
     (4) The bonds must be authorized, sold, and issued and provisions must be made for their payment in the manner and subject to the conditions and limitations prescribed for bonds of school districts in Title 20, chapter 9, part 4. The issuance of the bonds must be approved in each county by the joint district electorate voting on the question.

     History: En. Sec. 24, Ch. 770, L. 1991.