§ 9. Indebtedness.

(1)

The board of fire commissioners is authorized to borrow money for the purposes of the district, not to exceed fifty (50) percent of the total assessment roll, and pledge for the payment thereof mortgages and collections on such roll, and give anticipation notes, which shall be the sole security for such loans. Neither the district nor the commissioners shall be personally or individually liable for the loans or any part thereof. In the event of such pledge, it shall be the duty of the commissioners, upon collection of the assessment roll so pledged, to apply the first proceeds thereof to the payment of principal and interest payments on such loan for which such assessment or lien was pledged until full payment of the loan.

(2)

Except as provided in this ordinance, the board of fire commissioners shall not create indebtedness or incur obligations for any sum or amount which it is unable to pay out of the district funds then in its hands.