50-1772. COMMERCIALLY REASONABLE CREDIT ASSURANCES. If requested by the petitioners for a local improvement district, and in addition to or in lieu of a reserve or guarantee requirement, the council or other governing body of a governmental entity may impose such commercially reasonable credit assurances as it may deem necessary as a condition of approving a local improvement district. If commercially reasonable, such assurances may include guarantees, letters of credit or bonds in amounts up to the total amount of indebtedness.
History:
[50-1772, added 1999, ch. 291, sec. 9, p. 730.]
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