The board of commissioners of an ambulance service district organized pursuant to the provisions of this chapter shall have no power to incur any debt or liability, except as otherwise provided in this section:
(1)  In the first year after organization, the board of a district may, for the purpose of organization, to finance general preliminary expenses of the district or for any other purpose of the ambulance service district law, and before making a tax levy, incur an indebtedness not exceeding in the aggregate a sum equal to one cent (1¢) on each one hundred dollars ($100) of market value for assessment purposes of all real and personal property within the district.
(2)(a)  Whenever the board of commissioners of an ambulance service district determines that the interest of said district and the public interest or necessity require incurring an indebtedness exceeding the income and revenue provided for the year for the purposes of acquiring, purchasing, constructing, improving and equipping lands, building sites, and buildings, together with the necessary appurtenant facilities and equipment, or acquiring and purchasing suitable equipment and apparatus necessary to provide ambulance service, or both, the board shall have the power and authority as provided in this section to issue general obligation coupon bonds not to exceed in the aggregate at any time two percent (2%) of market value for assessment purposes of the real and personal property in said district.
(b)  Whenever the board of a district shall deem it advisable to issue general obligation coupon bonds, the board shall provide for the issuance of such bonds by ordinance that shall specify and set forth all the purposes, objects, and things required by section 57-203, Idaho Code, and make provision for the collection of an annual tax sufficient to:
(i)  Constitute a sinking fund for the payment of the principal thereof within thirty (30) years from the time of contracting said bonded indebtedness; and
(ii) To pay the interest on such proposed bonds as it falls due.
(c)  The aforesaid ordinance shall also provide for holding an election with the notice in compliance with section 34-1406, Idaho Code. The election shall be conducted in the manner and form, the returns canvassed, and the qualifications of electors of the district voting or offering to vote shall be determined, as provided by the pertinent and applicable provisions of title 34, Idaho Code. The voting at such election must be by ballot and the ballot used shall be substantially as follows: "In favor of issuing bonds for the amount of …. dollars for the purpose stated in Ordinance No. …." and "Against issuing bonds for the amount of …. dollars for the purpose stated in Ordinance No. …. ." If at such election two-thirds (2/3) of the qualified electors voting at such election assent to the issuing of such bonds and the incurring of the indebtedness thereby created for the purposes, objects, and things provided in said Ordinance No. …., such bonds shall be issued in the manner provided by chapter 2, title 57, Idaho Code, the municipal bond law of the state of Idaho.
(d)  Bonds issued pursuant to the provisions of this section and the income therefrom shall be exempt from taxation.