7-14-2524 . Limitation on amount of bonds issued. (1) Except as otherwise provided in 7-7-2203 , 7-7-2204 , and this section, a county may not issue bonds in an amount that, with all outstanding bonds and warrants except emergency bonds, exceeds 0.68% of the total assessed value of taxable property, determined as provided in 15-8-111 , within the county, as ascertained by the last assessment for state and county taxes. (2) A county may issue bonds in an amount that, with all outstanding bonds and warrants, exceeds 0.68% but does not exceed 2.5% of the total assessed value of taxable property, determined as provided in 15-8-111 , when necessary for the purpose of replacing, rebuilding, or repairing county buildings, bridges, or highways that have been destroyed or damaged by an act of God or by a disaster, catastrophe, or accident. (3) The value of the bonds issued and all other outstanding indebtedness of the county may not exceed 2.5% of the total assessed value of taxable property, determined as provided in 15-8-111 , within the county, as ascertained by the last assessment for state and county taxes prior to the issuance of the bonds.
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