(2) The general obligation bonds of the district outstanding at any time shall not exceed two and one-half percent (0.025) of the real market value of all taxable property within the limits of the district.
(3) General obligation bonds may be made payable primarily from and secured by a lien on and pledge of the revenues derived by the district from its operations remaining after paying from such revenues all expenses of operation and maintenance, and secondarily from taxes. [Amended by 1959 c.548 §2; 1967 c.293 §24; 1983 c.83 §35; 1987 c.267 §72; 1991 c.459 §356; 1993 c.18 §45; 1995 c.712 §98; 2003 c.14 §126]