Sheridan Sanitation District Issue 5A
SHALL SHERIDAN SANITATION DISTRICT NO. 1 ("DISTRICT") DEBT BE INCREASED UP TO $300,000, WITH A REPAYMENT COST OF UP TO $550,000, AND SHALL DISTRICT TAXES BE INCREASED UP TO $23,000 ANNUALLY, OR BY SUCH LESSER AMOUNT AS MAY BE NECESSARY TO PAY THE DISTRICT'S DEBT; SUCH DEBT TO CONSIST OF GENERAL OBLIGATION BONDS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATIONS, INCLUDING CONTRACTS, ISSUED OR TO BE ISSUED UPON SUCH TERMS AND CONDITIONS AS THE DISTRICT MAY DETERMINE, FOR THE PURPOSE OF PAYING ALL OR ANY PART OF THE COST OF REHABILITATING, RENOVATING OR EXPANDING THE DISTRICT'S WASTEWATER COLLECTION SYSTEM AND RELATED IMPROVEMENTS; SUCH DEBT TO BEAR INTEREST AT A NET EFFECTIVE INTEREST RATE NOT TO EXCEED 6% PER ANNUM AND BE PAYABLE FROM ANY LEGALLY AVAILABLE REVENUES, INCLUDING A MILL LEVY WITHOUT LIMITATION OF RATE AND IN AMOUNTS SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH DEBT?
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