14-524.   Same; bonds; not within debt limitation; protest petition onbonds in excess of $50,000.For the purpose of paying for each storm water sewer or drain orderedconstructed by it under this act the governing body of any city, exceptcities located within a county having a population of more than one hundredeighty thousand (180,000) and less than two hundred thousand (200,000), mayissue general obligation bonds in an amount not to exceed three hundredthousand dollars ($300,000), and such bonds shall not be subject to, norincluded in any restrictions or limitations upon the amount of bonded orother indebtedness of said city contained in any other law. The bonds thusto be issued shall be a lien upon all of the taxable tangible property insaid city, and shall be issued as provided by law. No bonds shall be issuedunder the provisions of this section in excess of fifty thousand dollars($50,000) if, within thirty (30) days of the passage of a resolutionauthorizing the issuance of such bonds, a petition in opposition to suchissuance, signed by not less than two percent (2%) of the qualifiedelectors in such city, is filed with the governing body of such city. Ifthe petition is filed within the prescribed time, no such bonds may beissued unless a majority of the qualified electors approve such issuance atthe next primary or general election.

      History:   R.S. 1923, § 14-524; L. 1975, ch. 116, § 1; July 1.