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, thegoverning body of each such city shall be authorized to issue no-fundwarrants in amounts computed as hereinafter provided. Whenever theincorporation of a city occurs between August 1 and January 31 of any yearsuch city, in order to function properly for the remainder of the year, mayissue no-fund warrants in an amount not to exceed fifty percent (50%) ofthe 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 amountsuch city could levy in one year for its general operating fund.

      Whenever the incorporation of any city occurs between January 1 and July31 of any year such city, in order to function properly for the remainderof such year, may issue no-fund warrants in an amount not to exceed eightypercent (80%) of the amount such city could levy in one year for itsgeneral operating fund: Provided, No such warrants shall be issueduntil a resolution authorizing such issuance shall have been adopted by thegoverning board of such city and published once in a newspaper having ageneral circulation in such city, whereupon such warrants may be issuedunless a petition in opposition to same, signed by not less than thirtypercent (30%) of the qualified electors of such city is filed with theclerk of said city within ten (10) days following such publication. In theevent such a petition is filed, it shall be the duty of the governing bodyof such city to submit the question to the voters at an election called forsuch purpose.

      History:   L. 1953, ch. 59; § 1; April 13.