3-152a. Bonds for improvements to airports in certain cities; petition and election, when.
3-152a
3-152a. Bonds for improvements to airports in certain cities; petition
and election, when.
The governing body of any city which is located in a county having a population
of more than seven thousand three hundred (7,300) and less than seven thousand
eight hundred (7,800) and which operates an airport may issue general obligation
bonds of the city in an amount not to exceed fifty thousand dollars ($50,000)
annually for each of three (3) years without an election for the purpose
of making improvements to such airport or to its related facilities. Any
governing body proposing to issue such bonds shall publish a resolution
to that effect in a newspaper of general circulation within the city. Such
resolution shall be published once each week for three (3) consecutive weeks.
If, within sixty (60) days following the final publication of such resolution,
a petition protesting such bond issue signed by not less than five percent
(5%) of the qualified electors of such city is presented to the city clerk,
no such bonds shall be issued until the question of the issuance of such
bonds is placed on the ballot at a primary, general or special election
and approved by a majority of the qualified electors of the city voting
thereon. Such bonds shall be issued, registered, sold, delivered and retired
in accordance with the provisions of the general bond law.
History: L. 1979, ch. 12, § 1; April 19.