Limitation on indebtedness--Power to borrow money

No district may become indebted for an amount that is not payable from ten annual maximum tax levies as authorized by § 34-11A-19 . With the limits herein authorized, the district shall have power to borrow money at a rate not in excess of twelve percent and to issue appropriate evidence of indebtedness thereof. Source: SL 1982, ch 259 , § 26.