LEG00212 - Laserfiche WebLink

Home Browse Search

. . 1 BY THE DISTRICT SHALL BE AUTHORIZED BY RESOLUTION. 2 (2) THE DISTRICT MAY PLEDGE ITS FULL FAITH AND CREDIT FOR 3 THE PAYMENT OF ANY SECURITIES AUTHORIZED IN THIS ARTICLE, THE 4 INTEREST ON SUCH SECURITY, ANY PRIOR REDEMPTION PREMIDMS, AND 5 ANY RELATED CHARGES. 6 37-49-118. Preliminary expenses. (1) THE DISTRICT MAY 7 PROVIDE FOR THE PAYMENT OF ALL NECESSARY PRELIMINARY EXPENSES 8 ACTUALLY INCURRED TO CARRY OUT THE PURPOSES OF THE DISTRICT. 9 (2) THE BOARD MAY, FOR THE DISTRICT'S FIRST THREE BUDGET 10 YEARS, ASSESS EACH WATER PROVIDER A FEE DETERMINED ON THE BASIS 11 OF THE NUMBER OF SINGLE FAMILY EQUIVALENT RETAIL WATER TAPS; - 12 EXCEPT THAT NO WATER PROVIDER SHALL BE ASSESSED MORE THAN 13 TWENTY-FNE PERCENT OF THE AGGREGATE ASSESSMENT. 14 (3) ANY REVENUES EXPENDED BY THE DISTRICT FOR PRELIMINARY 15 EXPENSES INCURRED IN CONNECTION WITII THE SAME PURPOSE AS THAT 16 FOR WHICH SECURITIES ARE ISSUED BY THE DISTRICT MAY BE FULLY 17 . REIMBURSED AND REPAID TO THE DISTRICT OUT OF THE PROCEEDS DERIVED 18 FROM THE SALE OF SUCH SECURITIES. 19 (4) THE AMOUNTS ADVANCED BY THE DISTRICT TO PAY SUCH 20 PRELIMINARY EXPENSES MAY, BY A RESOLUTION AUTHORIZING THE 21 ISSUANCE OF SECURITIES, BE MADE A FIRST CHARGE AGAINST SUCH 22 SECURITY PROCEEDS UNTIL THE CHARGE HAS BEEN REPAID AS PROVIDED 23 IN TIllS ARTICLE, AND IN SUCH EVENT SAID AMOUNT SHALL BE PAID BEFORE 24 ANY OTHER DISBURSEMENTS ARE MADE FROM SUCH AMOUNT. 25 37-49-119. Incontestable statement in securities. ANY 26 RESOLUTION AUTHORIZING, OR OTHER INSlRUMENT APPERTAINING TO, ANY 27 SECURITIES UNDER THIS ARTICLE MAY PROVIDE THAT EACH SECURITY . -27- HB05-1298