Section 273.1103 Net Debt, Terminology of Laws or Charters
273.1103 NET DEBT, TERMINOLOGY OF LAWS OR CHARTERS.
Net debt incurred by any political subdivision or other public corporation for which any law or any charter provision provides a limit expressed as a percentage of the assessed value or the full and true value of taxable property (except any adjusted assessed value determined by the commissioner under section 124.2131) shall not exceed 33-1/3 percent of such limit until and unless such law or charter is amended to provide a different limit.
History:
1971 c 427 s 25; 1987 c 268 art 7 s 34