Effective 28 Aug 1978

321.350. Election to vote on issuing bonds or creating indebtedness. — Whenever any board shall, by resolution, determine that the interest of said district and the public interest or necessity demand the acquisition, construction, installation or completion of any works or other improvements or facilities, or the making of any contract with the United States or other persons or corporations, to carry out the objects or purposes of said district, requiring the creation of an indebtedness in an amount exceeding in any year the income and revenue provided for such year plus any unencumbered balances from previous years, said board shall order the submission of the proposition of issuing such obligations or bonds, or creating other indebtedness, to the voters of the election. The declaration of public interest or necessity herein required and the provision for holding of such election may be included within one and the same resolution, which resolution, in addition to such declaration of public interest or necessity, shall recite the objects and purposes for which the indebtedness is proposed to be incurred, the estimated cost of the works or improvements, as the case may be, the amount of principal of the indebtedness to be incurred therefor, and the maximum rate of interest to be paid on such indebtedness. Such resolution shall also fix the date upon which such election shall be held.

­­--------

(L. 1947 V. I p. 432 § 35, A.L. 1969 H.B. 322, A.L. 1978 H.B. 971)