§4706. Use of district funds; change in level of services
A. Funds received by the board of commissioners of the district from taxes levied, bonds issued, or any other source or combination of sources, shall be used only for the benefit of the district or for projects or services within the district.
B. In the event that the level of services is increased or decreased for the city, the increase or decrease shall not discriminate against, or cause a disadvantage to the district.
C. For a period of thirty days from the date of publication of any resolution or ordinance authorizing the issuance of any bonds, certificates of indebtedness, notes, or other evidence of debt of the district, any interested person may contest the legality of such resolution or ordinance and the validity of such bonds, certificates of indebtedness, notes, or other evidence of debt issued or proposed to be issued thereunder and the security of their payment, after which time no one shall have any cause of action to contest the legality of such resolution or ordinance or to draw in question the legality of such bonds, certificates of indebtedness, notes, or other evidence of debt, the security therefor, or the debts represented thereby for any cause whatsoever, and it shall be conclusively presumed that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of thirty days.
D. The issuance and sale of such bonds, certificates of indebtedness, notes, or other evidence of debt by the district shall be subject to approval by the State Bond Commission.
Added by Acts 1979, No. 741, §1, eff. July 20, 1979; Acts 1995, No. 900, §1; Acts 2004, No. 917, §1, eff. July 12, 2004; Acts 2010, No. 673, §1, eff. June 29, 2010.