12-836. Waterworks bonds; limitation.
12-836
12-836. Waterworks bonds; limitation.
Cities of the second and third class whose total bonded indebtedness
shall not exceed fifteen percent of its total assessed valuation now owning
and operating, or hereafter acquiring a system of waterworks are hereby
empowered to issue bonds for the purpose of enlarging, repairing,
extending, and improving such system of waterworks, in any sum not
exceeding two percent of the total assessed valuation of the property of
such city as shown by the assessment books for the year preceding the
issuance of such bonds, as hereinafter provided: Provided, however,
That in computing its total bonded indebtedness any such city may, for the
purposes of this act, deduct therefrom the aggregate amount of any sinking
fund or funds collected by said city for the payment of its outstanding
bonds, at maturity.
History: L. 1913, ch. 124, § 1; R.S. 1923, § 12-836; L. 1937, ch. 115, § 1;
Feb. 1.