1. If any installment of taxes has been levied for the payment of any outstanding bonds or interest of any irrigation district, the board of directors may issue notes bearing a rate of interest which must 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. The notes must be payable out of the installment of taxes so levied and must not be in excess of 75 percent of the levy. The proceeds derived from those notes may be used only for the purpose of meeting the obligation of the district for which the tax was levied. 2. If the proceeds of the taxes are insufficient, through delinquency, uncollectibility of taxes or other cause, to pay, when due, all the lawful debts for which the taxes were levied, the board of directors shall levy and collect in the next succeeding year a special tax in addition to all other taxes in an amount sufficient to pay all of such lawfully contracted indebtedness, and may borrow as provided in this section in anticipation of that tax to pay off any such lawfully contracted indebtedness.
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