85-9-623. Issuance of bonds -- resolution and election. When the directors find it necessary to issue bonds, the directors shall:

(1) pass a resolution that includes:

(a) the purpose or purposes for which the bonds will be issued;

(b) the maximum amount and term of the bonds;

(c) the maximum interest rate that the bonds will bear; and

(d) whether the bonds will be repaid from revenue, assessments, or both;

(2) give notice in accordance with 7-1-2121 that must include the resolution adopted by the directors and the location of polling places unless the election is conducted by mail ballot, as provided in Title 13, chapter 19; and

(3) hold an election conducted in accordance with Title 13, chapter 1, part 5.