AI-assisted research summary: The board of directors must determine the bond amount, call and notice an election, and, if voters approve, prepare the bonds.
48-1612 - Election to authorize issuance of bonds 48-1612 . Election to authorize issuance of bonds A. Upon receiving the report from the engineer provided by section 48-1611, the board of directors shall proceed to determine the amount of money necessary to be raised and the character and extent of contract obligations to be undertaken to carry into effect the adopted plans and purposes, and shall forthwith call an election at which shall be submitted to the electors of the district possessing the qualifications prescribed by this chapter the question of whether or not bonds of the district shall be issued in the amount so determined. The election must be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d). B. Notice of the election shall be given by posting notices in three public places in each election precinct in the district for at least twenty days, and by publication in a newspaper published in the county where the office of the board of directors is maintained, once a week for at least three consecutive weeks. The notice shall specify the time of holding the election, the amount of bonds proposed to be issued and the maximum rate of interest to be borne on the bonds. C. The election shall be conducted and the results thereof determined and declared in all respects as nearly as possible in conformity with article 3 of this chapter governing the election of directors. No informalities in conducting the election shall invalidate the election if it has been otherwise fairly conducted. D. At the election the ballots shall contain the words "bonds ¾ yes" and "bonds ¾ no". If the majority of the votes cast is "bonds ¾ yes," the board of directors shall cause a series of bonds in the amount authorized to be prepared. If the majority of the votes cast is "bonds ¾ no," the result of the election shall be so declared and entered of record. E. When the board thereafter deems it for the best interest of the district to issue bonds for district purposes and that the question of the issuance thereof be submitted to the electors, the board shall adopt resolutions to that effect and record them in its minutes, and the board may thereupon submit the question to the electors in the same manner and with like effect as at the previous election.