§ 14-57-605 - Election for issuance of revenue bonds.
14-57-605. Election for issuance of revenue bonds.
(a) (1) Whenever the legislative body of any municipality shall determine to exercise the power granted by this subchapter, it shall state the purpose and cause an estimate to be made of cost of such purpose.
(2) (A) If the cost is greater than the legislative body deems should be paid in a single year, it shall, by ordinance, provide for an election to be called for the issuance of revenue bonds under the provisions of this subchapter.
(B) The ordinance shall set forth:
(i) A brief description of the purpose of the bond issue. If for more than one (1) purpose, provision shall be made in the ordinance for balloting on each separate purpose;
(ii) The estimated cost thereof;
(iii) The amount of the bond issue;
(iv) The rate of interest;
(v) The time of payment; and
(vi) Other details in connection with the issuance of bonds.
(b) (1) The election shall be held and conducted and the vote thereof canvassed and the result declared under the law and in the manner provided for municipal elections, so far as it may be applicable, except as otherwise provided in this section.
(2) (A) Notice of the election shall be given by the presiding officer of the legislative body of the issuing municipality by advertisement once a week for four (4) consecutive weeks in some newspaper published in the municipality or, if no newspaper is published therein, in a newspaper having a bona fide and general circulation therein.
(B) (i) The first publication shall be not less than thirty (30) days prior to the date of the election.
(ii) This shall be the sole notice required for the election.
(3) Only qualified voters of the municipality shall have the right to vote at the election.
(4) (A) The result of the election, after the vote has been canvassed by the county board of election commissioners, shall be proclaimed by the presiding officer of the legislative body. His proclamation shall be published one (1) time in some newspaper published in the municipality or, if none is published therein, in a newspaper having a bona fide circulation therein.
(B) The result as proclaimed shall be conclusive unless attacked in the courts within thirty (30) days after the date of the publication of the proclamation.
(5) The expenses of the election shall be paid in the manner prescribed by law.
(6) In the event a majority of electors voting in the election approve the issuance of the bonds, the legislative body shall then have power to issue bonds, which shall bear interest at not more than five percent (5%) per annum, payable semiannually. The bonds shall be payable at such times, not exceeding thirty (30) years from their date, as shall be prescribed by the ordinance authorizing their issuance.