Board to Declare Purpose and Maximum Amount of Bonds to Be Issued

Before issuing any bond or bonds, the Board shall declare the purpose for which the proceeds of the bonds proposed to be issued shall be expended and shall specify the maximum amount of bonds to be issued or sold for such purpose. Bonds shall not be issued or sold for such purpose in an amount exceeding such specified maximum. SOURCE: Added by P.L. 28-071:2 (Nov. 3, 2005).