KRS 268.330: Board may borrow money.

When the decision of the board becomes final, the board may borrow any money

necessary to carry on the business and work of the district, not exceeding seventy -five

percent (75%) of the aggregate assessed benefit as shown by the corrected report of the

appraisers. To secure the payment of any loan, the board may pledge the faith and credit

of the district. No money shall be borrowed for a longer period of time than the actual

needs of the district require, and in no case for more than five (5) years. Every loan shall

be repaid as soon as there are sufficient funds in the hands of the treasurer, collected from

assessments or realized from a sale of district bonds.