12-110c. Purchase of fire-fighting equipment; issuance of general obligation bonds; procedure; limitations.
12-110c
12-110c. Purchase of fire-fighting equipment; issuance of general obligation
bonds; procedure; limitations.
Any city operating a fire department may acquire
fire-fighting equipment for the use of such city department and pay the
cost thereof by the issuance of its general obligation bonds maturing
not more than 15 years from their date. No such bonds shall
be issued until the city has first published a notice of its intention
to acquire such equipment, stating the cost thereof and its intention to
issue its general obligation bonds under the provisions of this act.
Such notice shall be published once each week for two consecutive weeks
in the official city newspaper. If,
within 60 days following the date of the publication of
such notice, a petition signed by not less than 5% of the
qualified electors of such city is filed with the city clerk, no such
bonds shall be issued until the same have been approved by a majority of
the qualified electors of such city voting thereon at an election called
and held therefor. Such election shall be called and held in the manner
provided for the calling and holding of elections under the general bond
law.
History: L. 1976, ch. 66, § 1; L. 1978, ch. 99, § 9; L. 1981,
ch. 173, § 8; July 1.