Whenever under the provisions of the laws of this state a district obtains money or credits from the issuance of its bonds or other evidence of indebtedness for the purpose of the purchase, construction or extension or repair of district utilities in the district, it shall be unlawful to divert, use or expend any of the money or credits in the purchase, construction or extension or repair of any other water, sewer or fee-for-service system or for any purpose other than that for which the money or credits were obtained.
History: 1941 Comp., § 77-3438, enacted by Laws 1951, ch. 195, § 6; 1953 Comp., § 75-18-38; 1978 Comp., § 73-21-41; 2009, ch. 241, § 10.
The 2009 amendment, effective June 19, 2009, after "extension or repair of" deleted "any water or sewer system or joint water and sewer system" and added "district utilities"; after "other water, sewer" added "or fee-for-service"; and after "than that for which the" deleted "same was or shall be" and added "money or credits were".
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