12-2712.   Validation of certain contracts and bond issues; bondsexempted from debt limitations.If any municipality has, prior to the effective date of this act, withor without authority of law, entered into a contract or contracts toprovide for a common supply of water, water distribution system orwaterworks system and such contract or contracts substantially conform tocontracts authorized to be made by such municipality under the provisionsof this act, such contract or contracts previously entered into and allproceedings in connection therewith, including any bonds issued, are herebyvalidated and confirmed; and the provisions of this act shall hereafter beapplicable to any common supply of water, water distribution system andwaterworks system heretofore acquired under any such contracts heretoforemade. No statute limiting the amount of bonded indebtedness of amunicipality shall apply to any such bonds heretofore issued by amunicipality for such purposes and such bonds shall not be considered indetermining the total bonded indebtedness of such municipality for thepurpose of applying any statute limiting the bonded indebtedness of suchmunicipality.

      History:   L. 1955, ch. 87, § 12; April 14.