19-2775. Same; revenue producing works; rates; notice; contracts; revenue bonds.
19-2775
19-2775. Same; revenue producing works; rates; notice; contracts;
revenue bonds.
That if the board of directors upon examination of the engineer's report
find that the proposed improvement will be revenue producing and should
liquidate its cost within a reasonable period of time they shall establish
a rate for the proposed services and determine the minimum number of
customers required to produce adequate revenues to pay the costs of
operation and maintenance and liquidate the cost of the improvement within
a reasonable period of time. A notice of their findings shall be posted in
the office of the board and when a sufficient number of taxpayers sign
written contracts to use the proposed services at the rates established by
the board of directors the board of directors shall proceed forthwith to
issue revenue bonds to pay all costs to be incurred in constructing and
completing said work and cause same to be sold and cause said work to be
built.
History: L. 1945, ch. 180, § 23; June 28.