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<br />e 1 37-49-113. Issuance of general obligation bonds. (1) TOCARRY <br />2 OUT THE PURPOSES AND PURSUANT TO THE TERMS OF THIS ARTICLE, THE <br /> 3 BOARD IS HEREBY AUTHORIZED TO ISSUE BONDS AND BORROW MONEY. <br /> 4 SUCH BONDS SHALL BEAR INTEREST AT A RATE SUCH TIiAT THE NET <br /> 5 EFFECTIVE INTEREST RATE OF THE BONDS DOES NOT EXCEED THEMAXIMUM <br /> 6 NET EFFECTIVE INTEREST RATE AUTHORIZED, PAYABLE AT SUCH TIMES AS <br /> 7 DETERMINED BY THE BOARD, AND SHALL BE DUE AND PAYABLE IN <br /> 8 INSTALLMENTS AT SUCH TIMES AS DETERMINED BY THE BOARD. THE FORM <br /> 9 AND TERMS OF THE BONDS, INCLUDING PROVISIONS FOR SALE, PAYMENT, <br /> 10 TERM, AND REDEMPTION, SHALL BE DETERMINED BY THE BOARD. IF SUCH <br /> 11 BONDS ARE PAYABLE FROM THE GENERAL AD VALOREM TAXES OF THE <br /> 12 DISTRICT, SUCH BONDS SHALL NOT BE ISSUED UNLESS FIRST APPROVED AT <br /> 13 AN ELECTION HELD PURSUANT TO SECTION 37-49-11 S. IF THE BOARD SO <br />. 14 DETERMINES, SUCH BONDS MAY BE REDEEMABLE PRIOR TO MATURITY, <br />lS WITH OR WITHOUTP A YMENTOF APREMIUM. THE BONDS SHAll. BE IN SUCH <br /> 16 DENOMINATIONS AS THE BOARD SHALL DETERMINE. <br /> 17 (2) IF THE DISTRICT ELECTS TO FUND A PROJECT THROUGH AD <br /> 18 VALOREM TAXATION, AND A WATER PROVIDER HAS DETERMINED NOT TO <br /> 19 PARTICIPATE IN ANY INDIVIDUAL PROJECT PURSUANT TO SECTION <br /> 20 37-49-126 (1), THEN ASUBDISTRICTOR OTHER ENTITY SHALL BE CREATED, <br /> 21 EXCLUDING THE BOUNDARIES OF ALL AREAS THAT ARE NOT PART OF THE <br /> 22 PROJECT, AND THE EXCLUDED AREAS SHALL NOT BE SUBJECT TO AD <br /> 23 V ALOREMTAXATION FOR ANY PART OF THE COSTS INCURRED RELATING TO <br /> 24 SUCH PROJECT. OWNERS OF SUCH EXCLUDED PROPERTIES SHALL NOT BE <br /> 25 ENTITLED TO VOTE ON ANY BALLOT ISSUE RELATED TO INCURRING <br /> 26 INDEBTEDNESS TO FUND SUCH PROJECT. <br /> 27 37-49-114. Court confirmation. (1) (a) THE BOARD MAY FILE A <br /> <br />-22- <br /> <br />HBOS-1298 <br />