3-145a.   Same; purposes in cities between 120,000 and 150,000;resolution, publication; election, when; limitations.The governing body of any city having a population of more than onehundred twenty thousand (120,000) and less than one hundred fifty thousand(150,000) is hereby authorized to issue general obligation bonds of suchcity for the purpose of purchasing land for airport purposes and the makingof improvements thereon or for the construction, enlargement,reconstruction, repair or addition to any improvements upon existingairport lands for any such purposes.

      Before such bonds may be issued the governing body of such city shallprovide by resolution that the net income of an airport facility be pledgedto the city for the payment of bonds issued hereunder. A resolution shallbe adopted by the governing body of such city stating the purpose for whichsuch bonds are to be issued and the total amount of the bonds proposed tobe issued along with a finding by the governing body that revenues pledgedwill be sufficient to retire general obligation bonds issued hereunder.Such resolution and finding by the governing body of such city shall bepublished once each week for three (3) consecutive weeks in the officialnewspaper of such city. Whereupon, such bonds may be issued unless apetition requesting an election on the proposition, signed by electorsequal in number to not less than five percent (5%) of the electors in suchcity who voted for secretary of state in such city at the last precedinggeneral election is filed with the clerk of such city within sixty (60)days following the last publication of such resolution. In the event suchpetition is filed, the governing body of such city shall submit theproposition to the voters at an election called for such purpose and heldwithin ninety (90) days after the last publication of the resolution, andno bonds shall be issued unless such proposition shall receive the approvalof a majority of the votes cast thereon. Such election shall be called andheld and such bonds shall be issued in accordance with the general bondlaw.

      The total amount of bonds outstanding at any one time and issued underthis act shall not exceed an amount equal to two percent (2%) of theassessed taxable valuation of all the tangible property within said city.Bonds issued under this act shall be subject to and be counted indetermining the application of any law limiting the amount of indebtednessof any such city. This act shall be construed as cumulative andsupplemental to and not as repealing, amending or modifying any existinglaw of this state.

      History:   L. 1969, ch. 10, § 2; July 1.