§ 31.031 SPECIAL TAXING DISTRICT BONDS.
   (A)   To procure money to pay for the required property and the acquisition, erection and construction of the proposed work, and in anticipation of the collection of the special benefit tax, the Board may issue, in the name of the municipality, special taxing district bonds of the storm water district. The bonds may not exceed the total estimated cost of the work and property to be acquired as provided for in the resolution, including:
      (1)   All expenses necessarily incurred for supervision and inspection during the period of construction; and
      (2)   Expenses actually incurred preliminary to the acquiring of the necessary property and the construction of the work, including the costs of records, engineering expenses, the publication of notices, salaries and other expenses incurred before and in connection with the acquiring of the property, the letting of the contract and the sale of bonds.
   (B)   After adopting a resolution authorizing the bonds, the Board shall certify a copy of the resolution to the municipal Fiscal Officer, who shall then prepare the bonds. The municipal executive shall execute the bonds and the Fiscal Officer shall attest the bonds.
   (C)   (1)   The Board may not issue bonds of the storm water district payable by a special benefit property tax when the total of the outstanding bonds of the district which are payable from a special benefit property tax, including the bonds already issued and to be issued, exceeds 8% of the total assessed valuation of the property within the district after deducting all exemptions. For the purposes of this section, bonds are not considered to be outstanding bonds if the payment has been provided for by an irrevocable deposit in escrow of government obligations sufficient to pay the bonds when due or called for redemption. The bonds are not a corporate obligation or indebtedness of the municipality, but are in indebtedness of the storm water district.
      (2)   The bonds and interest are payable:
         (a)   Out of a special benefit tax levied upon all of the property of the storm water district; or
         (b)   By any other means, including revenues, cash on hand and cash in depreciation or reserve accounts.
   (D)   The bonds must recite the terms upon their face, together with the purpose for which they are issued.
(Prior Code, § 3.80.170)