A district may borrow money and incur or assume indebtedness therefor, as provided
in this chapter, so long as the total of all such indebtedness (but excluding revenue
bonds, special assessment bonds, and other securities constituting special obligations
which are not debts) does not exceed an amount equal to 50 percent of the total of
the last assessed valuation of taxable property (excluding motor vehicles) situated
within such district.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.