15-112. Issuance of no-fund warrants by newly incorporated cities; computation of amount; protest petition; election.
15-112
15-112. Issuance of no-fund warrants by newly incorporated cities;
computation of amount; protest petition; election.
Whenever any town or village shall become an incorporated city, the
governing body of each such city shall be authorized to issue no-fund
warrants in amounts computed as hereinafter provided. Whenever the
incorporation of a city occurs between August 1 and January 31 of any year
such city, in order to function properly for the remainder of the year, may
issue no-fund warrants in an amount not to exceed fifty percent (50%) of
the amount said city could levy in one year for its general operating fund,
and such city, in order to function properly during the succeeding year,
may also issue no-fund warrants in an amount not to exceed the total amount
such city could levy in one year for its general operating fund.
Whenever the incorporation of any city occurs between January 1 and July
31 of any year such city, in order to function properly for the remainder
of such year, may issue no-fund warrants in an amount not to exceed eighty
percent (80%) of the amount such city could levy in one year for its
general operating fund: Provided, No such warrants shall be issued
until a resolution authorizing such issuance shall have been adopted by the
governing board of such city and published once in a newspaper having a
general circulation in such city, whereupon such warrants may be issued
unless a petition in opposition to same, signed by not less than thirty
percent (30%) of the qualified electors of such city is filed with the
clerk of said city within ten (10) days following such publication. In the
event such a petition is filed, it shall be the duty of the governing body
of such city to submit the question to the voters at an election called for
such purpose.
History: L. 1953, ch. 59; § 1; April 13.