7-13-237. Solid waste management district bonds authorized. (1) With the approval of the board of county commissioners, a solid waste management 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 for in subsection (1) and outstanding at any time may not exceed 22.5% of the taxable value of the property in the 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 shall fix and levy a tax upon all property within the district sufficient to raise the amount necessary for the payment of bonded indebtedness.
     (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.

     History: En. Sec. 15, Ch. 770, L. 1991.