A district obtaining a loan from the federal government or an agency of the federal government may issue obligations under this article to the federal government or agency to evidence the indebtedness without advertising for or receiving bids. The obligations:

1. (1) are payable solely from the net revenues of the works; and

2. (2) may be made of equal priority or subordinate to other revenue bonds issued or to be issued under this article or IC 13-3-2 (before its repeal).

   [Pre-1996 Recodification Citation: 13-3-2-16(b).]

As added by P.L.1-1996, SEC.16.