10-7-9. Sale of bonds -- Amount -- Tax levy to pay interest -- Utility rates -- Sinking
fund -- Serial or term bonds.
The board of commissioners, city council or board of trustees as the case may be shall
provide by ordinance for the issuance and disposal of such bonds; provided, that no such bonds
shall be sold for less than their face value. The board of commissioners, city council or board of
trustees shall annually levy on all taxable property within the boundaries of the issuer a sufficient
tax to pay the interest on such indebtedness as it falls due, and also to constitute a sinking fund for
the payment of the principal thereof within the time for which such bonds are issued which levy
shall be made without regard to any statutory limitation on the taxing power of such issuer which
may now exist or, unless an express contrary provision appears in the statute, which may
hereafter be enacted by the legislature; provided, that whenever bonds shall have been issued for
the purpose of supplying any city or town with artificial light, water or other public utility the
rates or charges for the service of the system or plant so constructed may be made sufficient to
meet such payments, in addition to operating and maintenance expenses, and taxes shall be levied
to meet any deficiencies. Water or sewer bonds may be issued for a period not exceeding forty
years; other bonds may be issued for a period not exceeding twenty years. Such bonds may be
either serial or term bonds.
Amended by Chapter 2, 1953 Special Session 1
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Last revised: Thursday, May 28, 2009