Shall the Rainbow Municipal Water District issue
$40,900,000 in revenue bonds to finance the repair, construction and improvement of the water system, such
revenue bonds to be payable only from revenues of the system and not from
any taxing power of the District, to bear interest at rates within the statutory
maximum, to be used for specified projects and not for salaries or other operating
expenses, subject to accountability measures, including a citizens?
oversight committee?
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