Section 85-9-406 - Directors' powers over financeOn behalf of the district, the directors may:
(1) borrow money and incur indebtedness and issue bonds to finance works as provided by this chapter;(2) in addition to all voted indebtedness, borrow money as necessary, but the amount may not at any one time exceed 0.23% of the total assessed value of taxable real property, determined as provided in 15-8-111, within the district, as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds;(3) mortgage property owned by the district if the terms of the mortgage are not inconsistent with the provisions of a resolution authorizing the sale of bonds;(4) use any surplus funds to purchase outstanding bonds;(5) refund bonded indebtedness incurred by the district as provided by this chapter;(6) after a hearing held in accordance with 85-9-602, make assessments sufficient to meet the budgetary requirements for the coming year.En. Sec. 14, Ch. 100, L. 1969; R.C.M. 1947, 89-3414(13) thru (15), (22) thru (24); amd. Sec. 32, Ch. 29, L. 2001.