13-3112. Same; payment of bonds; pledges.
13-3112
13-3112. Same; payment of bonds; pledges.
Any such bonds shall be payable solely and only from a pledge of the net
income derived by the municipality from the transit system financed with
the proceeds of such bonds and other transit facilities not so financed,
but any such city may also pledge to levy an ad valorem tax of not to
exceed two (2) mills and to employ such tax for so long as any such bonds
remain outstanding and unpaid. Any such city may also provide that
contributions, grants, or other financial assistance from the state or
federal governments or any other source shall be employed in the operation
of the transit system so long as any such bonds remain outstanding.
History: L. 1965, ch. 123, § 12; L. 1975, ch. 111, § 1; L. 1975, ch. 112, §
1; July 1.