A. Authority Of Board; Approval: The board of trustees of a district may issue bonds, if approved by a majority vote at a special election for such purpose. All registered voters within the designated district shall have the right to vote in said election. Such bonds shall be issued for the purpose of acquiring emergency vehicles and other equipment and maintaining and housing the same. (1991 Code § 11-31)
B. Interest: The bonds authorized in subsection A of this section, if issued, shall not bear interest at a greater rate than that authorized by statute for the issuance of city municipal bonds. Such bonds shall be sold only at public sale after twenty (20) days' advertisement in a newspaper for publication of legal notices with circulation within the district. Any district may refund its bonds as is provided by law for refunding municipal bonds. (1991 Code § 11-32; amd. 2011 Code)
C. Tax: The board of trustees of the district, upon issuing bonds as authorized in subsection A of this section, shall levy a special annual ad valorem tax upon property within the district, payable annually in a total amount not to exceed three (3) mills on the dollar on the real and personal taxable property in such district for the payment of principal and interest on outstanding bonds until the same are paid. However, the trustees may, from time to time, suspend the collection of such annual levy when not required for the payment of the bonds. In no event shall the real and personal property in the city be subject to a special tax in excess of three (3) mills for the payment of bonds issued hereunder. (1991 Code § 11-33)
D. Payment Of Bonds: There may also be pledged to the payment of principal and interest of the bonds herein authorized to be issued:
1. Any net proceeds from operation of the district that the board of trustees of the district shall deem not necessary to the future operation and maintenance of said emergency medical services.
2. Any monies available from other funds of the district not otherwise obligated. (1991 Code § 11-34)
E. Designated Sums; Maturity; Payment: Bonds shall be issued for designated sums with serial numbers thereon and maturing annually after three (3) years from the date of issuance. All bonds and interest thereon shall be paid upon maturity and no bonds shall be issued for a period longer than thirty (30) years. Any district board of trustees may in its discretion schedule the payment of principal over the thirty (30) year period so that when interest is added, there will be approximately level annual payments of principal and interest. (1991 Code § 11-35)