In anticipation of the sale of obligations, the board may, by resolution, issue notes
and may renew the same from time to time. Such notes may be paid from the proceeds
of the obligations, the proceeds of the assessments, the proceeds of the notes and
such other legally available money as the board deems appropriate by resolution. said
notes shall mature within five (5) years of their issuance and shall bear interest
at a rate not exceeding the maximum rate provided by law. The board may issue obligations
or renewal notes to repay the notes. The notes shall be issued in the same manner
as the obligations.
(Ord. No. 10-10, Art. IV, § 4.05, 5-3-10)
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