12-110c.   Purchase of fire-fighting equipment; issuance of general obligationbonds; procedure; limitations.Any city operating a fire department may acquirefire-fighting equipment for the use of such city department and pay thecost thereof by the issuance of its general obligation bonds maturingnot more than 15 years from their date. No such bonds shallbe issued until the city has first published a notice of its intentionto acquire such equipment, stating the cost thereof and its intention toissue its general obligation bonds under the provisions of this act.Such notice shall be published once each week for two consecutive weeksin the official city newspaper. If,within 60 days following the date of the publication ofsuch notice, a petition signed by not less than 5% of thequalified electors of such city is filed with the city clerk, no suchbonds shall be issued until the same have been approved by a majority ofthe qualified electors of such city voting thereon at an election calledand held therefor. Such election shall be called and held in the mannerprovided for the calling and holding of elections under the general bondlaw.

      History:   L. 1976, ch. 66, § 1; L. 1978, ch. 99, § 9; L. 1981,ch. 173, § 8; July 1.