Any county, municipality, or political subdivision of this state may incur debt on
behalf of any special district created pursuant to paragraph VI of section II of this
article. Such debt may be incurred on behalf of such special district where the county,
municipality, or other political subdivision shall have, at or before the time of
incurring such debt, provided for the assessment and collection of an annual tax within
the special district sufficient in amount to pay the principal of and interest on
such debt within 30 years from the incurrence thereof; and no such county, municipality
or other political subdivision shall incur any debt on behalf of such special district
without the assent of a majority of the qualified voters of such special district
voting in an election held for that purpose as provided by law. No such county, municipality
or other political subdivision shall incur any debt on behalf of such special district
in an amount which, when taken together with all other debt outstanding incurred by
such county, municipality or political subdivision and on behalf of any such special
district, exceeds ten percent of the assessed value of all taxable property within
such county, municipality, or political subdivision. The proceeds of the tax collected
as provided herein shall be placed in a sinking fund to be held on behalf of such
special district and used exclusively to pay off the principal of and interest on
such debt thereafter maturing. Such moneys shall be held and kept separate and apart
from all other revenues collected and may be invested and reinvested as provided by
law.
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