Section 29-3-167 - Issuance of bonds to defray expenses of authority

The board of trustees, subject to the call for an election as outlined in Section 29-3-161, is authorized and empowered, in its discretion, for the purpose of providing funds to assist in defraying expenses of the authority created under Sections 29-3-151 through 29-3-183, to issue from time to time negotiable revenue bonds of the authority in such amount or amounts as its board of trustees shall deem necessary; provided, however, that not more than the aggregate amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) of said bonds shall be outstanding at any one (1) time.Laws, 1973, ch. 498, § 9, eff. 4/16/1973.