12-836.   Waterworks bonds; limitation.Cities of the second and third class whose total bonded indebtednessshall not exceed fifteen percent of its total assessed valuation now owningand operating, or hereafter acquiring a system of waterworks are herebyempowered to issue bonds for the purpose of enlarging, repairing,extending, and improving such system of waterworks, in any sum notexceeding two percent of the total assessed valuation of the property ofsuch city as shown by the assessment books for the year preceding theissuance of such bonds, as hereinafter provided: Provided, however,That in computing its total bonded indebtedness any such city may, for thepurposes of this act, deduct therefrom the aggregate amount of any sinkingfund or funds collected by said city for the payment of its outstandingbonds, at maturity.

      History:   L. 1913, ch. 124, § 1; R.S. 1923, § 12-836; L. 1937, ch. 115, § 1;Feb. 1.