394.1 - AUTHORITY TO ISSUE BONDS -- TAXES.
394.1 AUTHORITY TO ISSUE BONDS -- TAXES. Cities are hereby authorized to contract indebtedness and to issue general obligation bonds to provide funds to pay the cost of opening, establishing, constructing, improving, extending or remodeling of a zoo or zoological garden and to construct, reconstruct or repair any such improvement and to pay the cost of land needed for any of said purposes. Taxes for the payment of said bonds shall be levied in accordance with chapter 76, and said bonds shall be payable through the debt service fund in not more than twenty years, and bear interest at a rate not exceeding that permitted by chapter 74A, and shall be of such form as the city council shall by resolution provide, but no city shall become indebted in excess of five percent of the actual value of the taxable property within said city, as shown by the last preceding state and county tax lists. The indebtedness incurred for the purpose provided in this section shall not be considered an indebtedness incurred for general or ordinary purposes. This section shall be construed as granting additional power without limiting the power already existing in cities. The provisions of this section shall be applicable to all municipal corporations regardless of form of government or manner of incorporation.
Section History: Early Form [C75, 77, 79, 81, § 394.1]