(a) In order to acquire equipment and to do the work, the board may issue the negotiable notes of the improvement district signed by the members of the board and bearing a rate of interest not exceeding six percent (6%) per annum and may pledge and mortgage a portion of future annual benefit assessments as collected for the payment thereof.
(b) Any petitions for the creation of a district and the court order creating a district, shall limit the total amount of notes that may be outstanding at any one (1) time to twenty thousand dollars ($20,000).
(c) The improvement district shall have no authority to issue bonds.
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