(a)
(1) In order to acquire equipment and to do the work, the board of commissioners may issue the negotiable notes of the fire protection district signed by the members of the board and bearing a rate of interest not exceeding eight percent (8%) per annum, and it may pledge and mortgage a portion of the future annual benefit assessments as collected for the payment thereof.
(2) The petition for the creation of a district in the court order creating the district shall limit the total amount of notes that may be outstanding at any time, but the limits may be increased to the maximum prescribed in this section by a vote of a majority in value of the owners of real property in the district.
(3) No district created under this section shall have notes outstanding at any one time in excess of one hundred fifty thousand ($150,000).
(b) The district shall have no authority to issue bonds.
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