14-524. Same; bonds; not within debt limitation; protest petition on bonds in excess of $50,000.
14-524
14-524. Same; bonds; not within debt limitation; protest petition on
bonds in excess of $50,000.
For the purpose of paying for each storm water sewer or drain ordered
constructed by it under this act the governing body of any city, except
cities located within a county having a population of more than one hundred
eighty thousand (180,000) and less than two hundred thousand (200,000), may
issue general obligation bonds in an amount not to exceed three hundred
thousand dollars ($300,000), and such bonds shall not be subject to, nor
included in any restrictions or limitations upon the amount of bonded or
other indebtedness of said city contained in any other law. The bonds thus
to be issued shall be a lien upon all of the taxable tangible property in
said city, and shall be issued as provided by law. No bonds shall be issued
under the provisions of this section in excess of fifty thousand dollars
($50,000) if, within thirty (30) days of the passage of a resolution
authorizing the issuance of such bonds, a petition in opposition to such
issuance, signed by not less than two percent (2%) of the qualified
electors in such city, is filed with the governing body of such city. If
the petition is filed within the prescribed time, no such bonds may be
issued unless a majority of the qualified electors approve such issuance at
the next primary or general election.
History: R.S. 1923, § 14-524; L. 1975, ch. 116, § 1; July 1.