21-27-41 - Ordinance to be enacted before bonds are issued.
§ 21-27-41. Ordinance to be enacted before bonds are issued.
Whenever the governing authorities of any municipality shall determine to issue bonds pursuant to the authority granted in Section 21-27-23 to acquire or improve a system, it shall cause an estimate to be made of the cost of such system or improvement, and the fact that such estimate has been made shall appear in the ordinance authorizing the issuance of such bonds, which ordinance shall set forth a brief description in general terms of the contemplated system or improvement, the estimated life thereof, the said estimated cost thereof, the amount, date, denominations, rate of interest, times and places of payment and other details in connection with the issuance of the bonds, and such covenants and restrictions as may be necessary or desirable to safeguard the interests of the holders of the bonds.
Sources: Codes 1942, § 3519-10; Laws, 1934, chs. 316, 317; Laws, 1950, ch. 494, § 10; Laws, 1971, ch. 504, § 1, eff from and after passage (approved April 9, 1971).