Sec. 14. Property tax exemption. The property and franchises of the district are forever exempt from taxation.

Sec. 15. Bonds and notes. The district may authorize bonds and notes.

1. The district may provide by resolution of its board of trustees, without district vote, except as provided in section 16, for the borrowing of money and the issuance from time to time of bonds, subject to the debt limitation set in this section, for any of its corporate purposes, including, but not limited to:

A. Paying and refunding its indebtedness;

B. Paying any necessary expenses and liabilities, whether incurred by the district or the Town of Kennebunk, the district being authorized to reimburse the Town of Kennebunk for any such expenses incurred or paid by it;

C. Paying costs directly or indirectly associated with acquiring properties, paying damages, laying sewers, drains and conduits, constructing, maintaining and operating sewage and treatment plants or systems and making renewals, additions, extensions and improvements to the same and covering interest payments during the period of construction and for the period after construction as the trustees may determine; and

D. Providing reserves for debt service, repairs and replacements or other capital or current expenses as may be required by a trust agreement or resolution securing bonds.

Bonds may be issued as general obligations of the district or as special obligations payable solely from particular funds. The total outstanding and unpaid indebtedness of the district may not at any one time exceed the sum of $16,000,000. The principal of and premium if any and interest on all bonds are payable solely from the funds provided for that purpose from revenues. "Revenues" means and includes the proceeds of bonds, all revenues, rates, fees, entrance charges, assessments, rents and other receipts derived by the district from the operation of its