13-1425. Indebtedness of second-class city upon change to first class.
13-1425
13-1425. Indebtedness of second-class city upon change to first class.
Every city of the second class which shall become a city of the first
class under and by virtue of the provisions of this act is hereby
authorized and empowered to continue and consummate, in the manner provided
by acts of the legislature under and by virtue of which it may have
commenced to refund and compromise the same, the refunding and compromising
its bonded indebtedness, upon any terms between it and the owners of its
bonds agreed upon: Provided, That no city shall refund any of its
indebtedness at any amount exceeding the par value of the principal and
interest; nor shall any such city pay any commission fees or expenses to
any person whatever on account of refunding any of its indebtedness.
History: R.S. 1923, § 13-1425; Dec. 27.