12-2712. Validation of certain contracts and bond issues; bonds exempted from debt limitations.
12-2712
12-2712. Validation of certain contracts and bond issues; bonds
exempted from debt limitations.
If any municipality has, prior to the effective date of this act, with
or without authority of law, entered into a contract or contracts to
provide for a common supply of water, water distribution system or
waterworks system and such contract or contracts substantially conform to
contracts authorized to be made by such municipality under the provisions
of this act, such contract or contracts previously entered into and all
proceedings in connection therewith, including any bonds issued, are hereby
validated and confirmed; and the provisions of this act shall hereafter be
applicable to any common supply of water, water distribution system and
waterworks system heretofore acquired under any such contracts heretofore
made. No statute limiting the amount of bonded indebtedness of a
municipality shall apply to any such bonds heretofore issued by a
municipality for such purposes and such bonds shall not be considered in
determining the total bonded indebtedness of such municipality for the
purpose of applying any statute limiting the bonded indebtedness of such
municipality.
History: L. 1955, ch. 87, § 12; April 14.