BOARD01726

• Board Meeting Date: 3/22/2005
• Description: Current State Legislative Issues
• Board Meetings - Doc Type: Memo

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BY THE DISTRICT SHALL BE AUTHORIZED BY RESOLUTION.
(2) THE DISTRICT MAY PLEDGE ITS FULL FAITH AND CREDIT FOR
THE PAYMENT OF ANY SECURITIES AUTHORIZED IN THIS ARTICLE, THE
INTEREST ON SUCH SECURITY, ANY PRIOR REDEMPTION PREMIUMS, AND
ANY RELATED CHARGES.
37-49.118. Preliminary expenses. (l) THE DISTRICT MAY
PROVIDE FOR THE PAYMENT OF ALL NECESSARY PRELIMINARY EXPENSES
ACTUALLY INCURRED TO CARRY OUT THE PURPOSES OF THE DISTRICT.
(2) THE BOARD MAY, FOR THE DISTRICT'S FIRST THREE BUDGET
YEARS, ASSESS EACH WATER PROVIDER A FEE DETERMINED ON THE BASIS
OF THE NUMBER OF SINGLE FAMILY EQUIVALENT RETAIL WATER TAPS;
EXCEPT TIiAT NO WATER PROVIDER SHALL BE ASSESSED MORE THAN
TWENTY -FIVE PERCENT OF THE AGGREGATE ASSESSMENT.
(3) ANY REVENUES EXPENDED BY THE DISTRICT FOR PRELIMINARY
EXPENSES INCURRED IN CONNECTION WITH THE SAME PURPOSE AS THAT
FOR wmCH SECURITIES ARE ISSUED BY THE DISTRICT MAY BE FULLY
REIMBURSED AND REPAID TO THE DISTRICT OUT OF THE PROCEEDS DERIVED
FROM THE SALE OF SUCH SECURITIES.
(4) THE AMOUNTS ADVANCED BY THE DISTRICT TO PAY SUCH
PRELIMINARY EXPENSES MAY, BY A RESOLUTION AUTHORIZING THE
ISSUANCE OF SECURITIES, BE MADE A FIRST CHARGE AGAINST SUCH
SECURITY PROCEEDS UNTIL THE CHARGE HAS BEEN REPAID AS PROVIDED
IN THIS ARTICLE, AND IN SUCH EVENT SAID AMOUNT SHALL BE PAID BEFORE
ANY OTHER DISBURSEMENTS ARE MADE FROM SUCH AMOUNT.
37-49-119. Incontestable statement in securities. ANY
RESOLUTION AUTHORIZING, OR OTHER INSTRUMENT APPERT AINlNGTO, ANY
SECURITIES UNDER TillS ARTICLE MAY PROVIDE THAT EACH SECURITY

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HB05-l298