13-1238.   Revenue bonds for public levees, docks, wharves, terminalsand related facilities in cities over 115,000; additional bonds.The governing body of any city in this state having a population ofat least 115,000 is hereby authorized,without any electionor vote of the people, to issue and sell revenue bonds of such city ashereinafter defined and described in the manner provided by the generalbond law, to secure funds to provide the cost ofimproving, constructing, reconstructing or repairing public levees, docks,wharves, river terminals, grain elevator terminal docks, and such works,storage, structures, facilities and properties as in the judgment ofthe governing body is necessary or convenient for theaccommodation ofshipping by highways, pipelines, rail or water, in connection withcommerce or water transportation on the navigable river or rivers adjoiningsuch public levees. The governing body of any such citywhich has issued and sold revenue bonds under the provisions of thisact, is hereby authorized to issue additional revenue bondsin conformity with this act for the purpose aforesaid and to pledge for thepayment of such additional revenue bonds the revenues of the public leveeand the facilities connected therewith, together with the revenues from anyimprovements and extensions to the public levee. No additional revenuebonds shall be issued andsold if there is anissue of revenue bonds outstanding for the payment of which the revenues ofthe public levee and the facilities connected therewith have been pledgedunless the governing body of such city, the holder or holders of all suchoutstanding revenue bonds consenting, shall take up and pay for or make anexchange for such outstanding issue of revenue bonds at a price of not toexceed the par value thereof, plus interest accrued on such bonds at theinterest rate of such bonds from the interest paymentdate preceding the date of payment ofthe purchase price to the date of payment of the purchase price, plus apremium, if any, of not to exceed 1% of the par value of suchoutstanding revenue bonds or make an exchange for such issue of outstandingrevenue bonds. Additional revenue bonds issued and sold under the authorityof this act shall be in an amount necessary to take up and pay for theissue of outstanding revenue bonds or make an exchange for such issue ofoutstanding revenue bonds as aforesaid, plus an amount necessary to financeor aid in financing the cost of additional improvements, construction,reconstruction or repairs of the public levees, docks, wharves, riverterminals, grain elevator terminal docks, and such works, storage,structures, facilities and properties as in the judgment of the governingbody will be necessary or convenient for the accommodation of shipping byhighways, pipelines, rail or water, in connection with commerce or watertransportation on the navigable river or rivers adjoining such publiclevee.

      History:   L. 1933, ch. 43, § 1 (Special Session); L. 1937, ch. 135,§ 1; L. 1983, ch. 49, § 58; May 12.