65-163u. Same; general obligation bond issuance authority for municipalities; election not required and not subject to bonded debt limitations.

65-163u

Chapter 65.--PUBLIC HEALTH Article 1.--SECRETARY OF HEALTH AND ENVIRONMENT, ACTIVITIES

      65-163u.   Same; general obligation bond issuance authority formunicipalities; election not required and not subject to bonded debtlimitations.(a) A municipality may issue general obligation bonds for thepurpose of paying all or part of any project costs of a public water supplysystem operated by such municipality. Such bonds shall be issued, registered,sold, delivered and retired in accordance with the general bond law.

      (b)   Notwithstanding any other provision of law to the contrary, noelection shall be required for the issuance of general obligation bonds orrevenue bonds by a municipality for thepurpose of paying all or part of any project costs of a public water supplysystemoperated by such municipality. Such general obligation bondsshall not be subject toor withinany bonded debt limitation provided by law.

      History:   L. 1994, ch. 349, § 18;L. 1996, ch. 160, § 4; July 1.