7.04.050 General obligations of service areas.
A. No obligation, including a loan from the road service revolving loan fund, secured by a pledge of taxes to be levied in a service area may be issued unless authorized by the Assembly and ratified by a majority of the qualified voters in the service area voting on the question. In a service area where there are no qualified voters to vote on the question, the obligation may be issued upon the written consent of the owners of at least 51 percent of the parcels within the service area.
B. The ballot question placed before the voters as required by subsection (A) of this section shall clearly and concisely state the primary purpose, total construction cost including site acquisition, if any, and the projected annual maintenance and operation cost of the project.
C. Each ordinance for a loan or other obligation to a service area to be submitted to the voters of the service area shall specify:
1. The proposed project;
2. The geographical vicinity of the project;
3. The estimated time schedule for beginning and completion of the project;
4. Financial information to include:
a. The estimated total project costs, including interest;
b. The loan or obligation terms, i.e., length of repayment, interest rate, etc.;
c. The estimated amount to be paid by the road service area directly, through the loan or other obligation, and by the state, the federal government or other source if applicable; and
d. The approximate amount that would be due in annual taxes on $100,000 in assessed value to retire the debt on the project using the most recently certified assessed valuations.
D. Property subsequently annexed into a service area is subject to the remainder of any indebtedness previously incurred by that service area.
E. The indebtedness of a service area remains the indebtedness of each parcel within the area at the time of the vote that established the debt or subsequent annexation into the service area notwithstanding:
1. Removal of the parcel from the service area;
2. Change of ownership of the parcel;
3. Subdivision or other replat of the parcel;
4. A subsequent court determination that the service area was not validly formed under law or by virtue of a defect in the proceedings creating the service area; or
5. The subsequent dissolution of the service area pursuant to FNSBC 14.08.030 or otherwise. (Ord. 2003-55 § 4, 2003. 2004 Code § 3.01.027.)