If it shall appear necessary to obtain funds to pay any expense incurred or to be incurred in organizing the district before a sufficient sum can be obtained by the collection of such uniform tax the board of supervisors may borrow a sufficient amount of money to meet emergencies at a rate of interest not exceeding eight per cent per annum and may issue negotiable notes therefor, signed by members of the board, and may pledge any and all assessments made under the provisions of Section 49-19-1210 for the repayment thereof.
HISTORY: 1962 Code Section 18-505; 1952 Code Section 18-505; 1942 Code Section 6166; 1932 Code Section 6166; Civ. C. '22 Section 3220; 1920 (31) 663; 1924 (33) 1124.