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 lease or purchase of park and recreation land or of construction, acquisition, furnishing, equipping, extension, and betterment of park facilities and to provide an adequate working capital for park facilities.
     (2) The amount of bonds issued for the purposes provided in subsection (1) and outstanding at any time may not exceed 1.22% of the total assessed value of taxable property, determined as provided in 15-8-111, within the district, as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds.
     (3) The 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; amd. Sec. 20, Ch. 29, L. 2001; amd. Sec. 3, Ch. 175, L. 2005.