(1) DEBT VALIDATION. No legislative, judicial or administrative determination that a district may not spend borrowed money or that a district has spent borrowed money for a purpose other than the stated purpose for which it was borrowed affects the validity of the obligation or the evidence of indebtedness therefor. (2) LIMITATIONS ON ACTIONS TO CONTEST DEBTS. Section 893.77 applies to all borrowing by a district and to all evidences of indebtedness given therefor. (3) IMPAIRMENTS OF BORROWED MONEY FUNDS. (a) Any person participating in any impairment of or diversion from a borrowed money fund, debt service fund, special redemption fund, bond security or similar fund of the district is liable in an action brought by a party listed under par. (b) for the cost of restoring the fund to its proper level. (b) The commission, any taxpayer of the district or any holder of an evidence of indebtedness payable in whole or in part out of the fund that is impaired or diverted may commence an action under par. (a).
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