(A) Bonds, notes, and other evidences of debt authorized by Section 48-11-110(3) must not be issued until proposed by order or resolution of the directors of the watershed conservation district specifying the purpose for which the funds are to be used and the proposed undertaking, the amount of bonds to be issued, and the maximum rate of interest they are to bear. A copy of the order or resolution must be certified to the board of commissioners of the soil and water conservation district.
(B) The board of commissioners shall hold a hearing on a proposal for bonds or other long term indebtedness required by law to be voted upon at an election after having given due notice of the hearing. If it appears that the proposal is within the scope and purpose of this chapter and meets all other requirements of the law, the proposal must be submitted to the qualified electors residing in the watershed conservation district by a referendum held in the next scheduled countywide election in the counties.
(C) Applicable rules of the election apply to the referendum. Due notice of the referendum must be given by the county election commission.
(D) If two-thirds of the votes cast in the referendum favor the proposal, the directors may issue the bonds.
(E) The type of indebtedness incurred or bonds issued is that adopted by the board of directors of the watershed conservation district.
(F) The board of directors, if necessary for the payment of interest or indebtedness incurred or bonds issued by the district or to amortize indebtedness or bonds, shall levy an annual tax on real property within the watershed conservation district. For the purposes of the tax levy the assessed valuation of the real property is the same assessed valuation used for the general county levy. The tax must be levied and collected in the same manner provided for the levy and collection of other taxes authorized by this chapter.
HISTORY: 1962 Code Section 63-182; 1967 (55) 1158; 1992 Act No. 408, Section 1.