Determination of amount of initial bond issue

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48179248-1792.  Determination of amount of initial bond issue

A.  The board of directors in making estimates for the first bond issue shall determine the amount of the organization indebtedness and include it in the amount for which the first bonds are proposed to be issued.  The board shall, if it deems it advisable, include in the amount for which the first bond issue is proposed the interest on the bonds for not more than the first three years after their issue.

B.  The board shall upon the record propose the construction, operations and expenditures without elaborating but stated in such detail as to give the electors a reasonable understanding of the proposed operations and expenditure of the district.

C.  The board shall ascertain and determine from reliable estimates and investigation the cost of construction in such detail as they find necessary.  Alternative propositions may be made as to details if necessary.  This section shall be complied with in such manner as to give the electors a fair understanding of the proposed expenditures. 481792

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