§ 2-27-8. Borrowing power.

The board of commissioners shall have the power and authority to borrow money for the purposes of the district and to mortgage the real and personal property of the district or to pledge future assessments and liens as security for such loans. The limits of such authority shall be that the amount borrowed shall not exceed three times the total assessments in the fiscal year the loan is contracted; however, the district commissioners shall not create any indebtedness or incur obligations for any amount which they are unable to pay out of the district funds. Neither the district commissioners as a body nor any one of them as an individual shall be personally or individually liable for the repayment of such loan or loans. In addition, the board of commissioners shall have the power and authority to make purchases of equipment on an installment basis as necessary, if funds are available for the payment of the current year's installment on such equipment plus the amount due in that year on any other installments or other indebtedness.

(Ord. No. 07-56, §§ 1, 2, 5-8-07)