76-15-505. Authorization to borrow money -- limitations.
163 words·~1 min read·
/mt/title-76/chapter-15/part-5/76-15-505·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
76-15-505 . Authorization to borrow money -- limitations.
(1)If, after the levy of the annual assessments for the current year, the board of supervisors finds that, because of some unusual or unforeseen cause, funds raised through the collection of the assessments and from other sources will not be sufficient for the proper maintenance and operation of the district and the works in the district, the board of supervisors may:
(a)borrow additional funds needed in an amount not to exceed 50 cents per acre for the lands within the district and may pledge the credit of the district for the payment of the funds; or
(b)request the county commissioners to issue and register warrants in anticipation of further collections.
(2)Subject to 15-10-420 , the board of supervisors shall include in the levy for the ensuing year the amount required to pay the loan or to retire the warrants. The warrants may not exceed 90% of the assessment for the year.