§ 31.00 Bond resolution and capital note resolution. a. The issuance
of bonds shall be authorized by a "bond resolution." The issuance of
capital notes or renewals thereof shall be authorized by "a capital note
resolution." However, if capital notes are to be issued for the same
object or purpose for which bonds are to be issued, the issuance of such
capital notes may be authorized by the bond resolution authorizing the
issuance of such bonds.

b. Any municipality, school district or district corporation may adopt
one or more bond resolutions or capital note resolutions authorizing the
issuance of bonds or capital notes for a specific object or purpose, for
which object or purpose serial bonds may be issued. In addition thereto
any municipality or school district may adopt one or more bond
resolutions or capital note resolutions authorizing the issuance of
bonds or capital notes for any class of objects or purposes, for which
objects or purposes serial bonds may be issued.

c. The issuance of obligations for a capital improvement and for the
acquisition of land or permanent rights in land for such improvement may
be authorized by the same bond resolution or capital note resolution,
notwithstanding the fact that the subdivision of paragraph a of section
11.00 of this chapter which sets forth the period of probable usefulness
for such capital improvement does not include therein the acquisition of
land or permanent rights in land for such improvement.

d. The issuance of bonds or capital notes for two or more specific
objects or purposes or two or more classes of objects or purposes may be
authorized by the same bond resolution or capital note resolution,
notwithstanding the fact that such specific objects or purposes or
classes of objects or purposes are described in separate subdivisions of
paragraph a of section 11.00 of this chapter, provided:

1. The maximum period of probable usefulness is five years or less, as
determined by paragraph a of such section 11.00 or pursuant to paragraph
b of such section, or

2. The bond resolution or the capital note resolution, as the case may
be, is not subject to either mandatory or permissive referendum.