46A-5-4. Determination of funds required--Authorization, issuance, and sale of bonds--Election--Amount of bonds.
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The board of directors shall determine the amount of money necessary to be raised and, if a bond issue is contemplated, the bonds shall be authorized, issued, and sold as provided in chapter 6-8B , if a majority of all electors voting at the bond election authorize the bond issue. Except that no bonds may be issued for more than the actual estimated cost of formulating the general plan of proposed operation, including surveys, examinations, and plans that demonstrate the practicality of the plan, and the actual estimated cost of the purchases and construction work described in the general plan of proposed operation, as finalized.
Estimated expenses relating to the issuance and sale of the bonds including bond printing expenses, bond registration fees, legal fees, fiscal agency fees, publication costs and election expenses, and capitalized interest during the estimated construction period and for one year thereafter may also be paid out of the proceeds of the bond issue.