35-455. Issuance and sale of bonds; call for
election
A. When the political subdivision designated in this article desires to issue bonds
or other evidences of indebtedness, the governing body or board thereof, with the assent
of a majority of the qualified electors therein voting at the election held as provided
by section 35-454, may issue and sell bonds in the amount authorized at the election.
B. The call for the election shall set forth the aggregate amount of the bonds, the
maximum rate of interest to be paid thereon, the minimum and maximum number of years
bonds of any issue or series may run from their date, the purposes for which the money
derived from the sale of the bonds will be expended, the current outstanding general
obligation debt and the constitutional debt limitation of the political subdivision.
C. Bonds of any issue or series of bonds voted under this section may run for any
number of years not exceeding the longest period permitted by the voted proposition.
D. The governing body or board may expend the monies received from the sale of the
bonds only for the purposes stated in the ballot and for the necessary costs and expenses
of the issuance and sale of the bonds. If an unexpended balance remains after satisfying
the purposes of the bonds, the balance shall be used to retire the bonded indebtedness.
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