11-378. Issuance of bonds for public improvements; limitations of amount; successive
borrowings; annual interest
A. No county may issue bonds under this article unless the aggregate amount of the revenues
received by it from highway user taxes, including motor vehicle fuel taxes, and all other taxes, fees, charges
or other monies returned to the county pursuant to title 28, chapter 18, article 2 and section 42-6107, in the
year preceding the borrowing of money under this article is equal to at least one and one-half times the
highest annual principal and interest requirements thereafter to come due on all such bonds to be
outstanding after the borrowing occurs, provided that for bonds that are issued under this article where the
aggregate amount of monies returned to the county pursuant to title 28, chapter 18, article 2 and section
42-6107, in the year preceding the borrowing of money under this article, is not equal to at least two times
the highest annual principal and interest requirements thereafter to become due on all such bonds to be
outstanding after the borrowing occurs, shall bear a rating at the time of issuance of "A" or better by at
least one nationally recognized credit rating service taking into account any credit enhancement facility in
effect with respect to those bonds. Subject to such limitation, successive borrowings may be made under this
article.
B. In computing the annual interest requirements of bonds described in section 11-377, subsection F
the board of supervisors shall determine a rate that is not more than the maximum rate permitted under the
terms of their issuance. In making the determination, the board of supervisors shall set a rate that is not less
than one hundred twenty-five per cent of the rate in effect on the date of determination or, if the bonds are
not then issued, one hundred twenty-five per cent of the initial rate on the bonds, except that if this
determination exceeds the maximum rate permitted under the terms of issuance, the rate shall be the
maximum rate. Notwithstanding the provisions of any reimbursement obligation, the bonds remain
outstanding until the stated maturity of the bonds.