1. The board of directors of the district may: (a) Incur an indebtedness not exceeding, in the aggregate, the sum of $15,000, and not exceeding the estimated cost of preliminary surveys and engineering data; and (b) Cause warrants of the district to issue therefor, bearing interest at a rate which does not exceed by more than 5 percent the Index of Revenue Bonds which was most recently published before the bids are received or a negotiated offer is accepted. 2. The directors of the district may levy an assessment on all the lands in a division benefited by the proposed improvements, in addition to any assessment by the district on the lands within the division, for the payment of the expenses and the redemption of the warrants.
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