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<br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />---- <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br /> <br />EXCEPT BY THE ISSUANCE OF BONDS OR NOTES IN COMPLIANCE WITH <br /> <br /> <br />SUBSECTION (5) OR (7) OF THIS SECTION. <br /> <br /> <br />(5) THE DISTRICT IS AUTHORIZED TO BORROW MONEY IN <br /> <br /> <br />ANTICIPATION OF TAXES OR OTHER REVENUES, OR BOTH, AND TO ISSUE <br /> <br /> <br />BONDS TO EVIDENCE THE AMOUNT SO BORROWED. UNLESS THE DISTRICT <br /> <br /> <br />QUALIFIES AS AN ENTERPRISE IN ACCORDANCE WITH SECTION 20 (2) (d) OF <br /> <br /> <br />ARTICLE X OF THE STATE CONSTITUTION, NO BONDED INDEBTEDNESS <br /> <br /> <br />SHALL BE CREATED BY THE DISTRICT, WITHOUT FIRST SUBMITTING A <br /> <br /> <br />PROPOSITIONFORISSUlNG SUCH BONDS AND THE MAXIMUM NET EFFECTIVE <br /> <br /> <br />INTEREST RATE AT WHICH SUCH BONDS MAY BE ISSUED, TO THE ELECTORS <br /> <br /> <br />OF THE DISTRICT AND SUCH PROPOSITION BEING APPROVED AT AN <br /> <br /> <br />ELECTION HELD FOR THAT PURPOSE. BONDS SO AUTHORIZED MAY BE <br /> <br /> <br />ISSUED IN ONE SERIES OR MORE AND MAY MATURE AT SUCH TIME OR TIMES <br /> <br /> <br />NOT EXCEEDING FORTY YEARS FROM THEIR ISSUANCE AS THE BOARD MAY <br /> <br />DETERMINE. <br /> <br /> <br />(6) THE DISTRICT IS AUTHORIZED TO ISSUE INTERIM RECEIPTS OR <br /> <br /> <br />TEMPORARY CERTIFICATES OR TEMPORARY BONDS, PENDING PREPARATION <br /> <br /> <br />OF DEFINIT~ ~Q~DS AND EXCHANGJJAllLEXQE._TI:lE.OEEINlTIYE.BONDS <br /> <br />WHEN PREPARED, AS THE BOARD MAY DETERMINE. EACH HOLDER OF ANY <br /> <br /> <br />SUCH TEMPORARY SECURITY SHALL HAVE ALL THE RIGHTS AND REMEDIES <br /> <br /> <br />THAT HE OR SHE WOULD HAVE AS A HOLDER OF THE DEFINITIVE BONDS. <br /> <br /> <br />(7) THE DISTRICT IS AUTHORIZED TO BORROW MONEY AND TO ISSUE <br /> <br /> <br />NOTES EVIDENCING CONSTRUCTION OR SHORT-TERM LOANS FOR THE <br /> <br /> <br />ACQUISITION OR IMPROVEMENT AND EQUIPMENT OF WORKS OR FACILITIES <br /> <br />OR ANY PROJECT IN SUPPLEMENTATION OF LONG-TERM FINANCING AND <br /> <br /> <br />THE ISSUANCE OF BONDS, AS PROVIDED IN THIS ARTICLE. <br /> <br /> <br />(8) NOTHING IN THIS ARTICLE SHALL BE CONSTRUED AS CREATING <br /> <br />-26- <br /> <br />SB04-232 <br />