7-16-2433. Park district bonds authorized. (1) A county park district may borrow money by the issuance of its bonds to provide funds for payment of all or part of the cost of construction, acquisition, furnishing, equipping, extension, and betterment of park facilities and to provide an adequate working capital for such facilities.
     (2) The amount of bonds issued for such purchase and outstanding at any time may not exceed 20% of the taxable value of the property within the district as ascertained by the last assessment for state and county taxes previous to the issuance of such bonds.
     (3) Such bonds must be authorized, sold, and issued and provisions made for their payment in the manner and subject to the conditions and limitations prescribed for bonds of school districts by Title 20, chapter 9, part 4.

     History: En. Sec. 12, Ch. 377, L. 1985.