Sec. 15. (a) As used in this section, “net revenues” means gross revenues less the reasonable cost of operation and maintenance.

     (b) A district coming under this chapter may pay the costs, including incidental expenses, of constructing or otherwise acquiring all the works of improvement necessary to furnish water supply for domestic, industrial, and public use by issuing bonds, notes, or other evidences of indebtedness to be payable from revenues in the manner provided by this article. The bonds, notes, or other evidences of indebtedness of the district for water purposes are payable solely from the net revenues of the water facilities. All bonds, notes, contracts, warrants, debentures, and pledges entered into by a district for the purposes of:

(1) this chapter; or

(2) IC 13-3-4 (before its repeal);

do not constitute an obligation payable from the collection of a special benefits tax.

[Pre-1995 Recodification Citation: 13-3-4-7.]

As added by P.L.1-1995, SEC.26.