§ 149-52. Debt; bonded debt for Town and school improvements
(a) Authorization for any long-term bonded debt shall be granted by the voters at an annual or special Town meeting duly authorized for that purpose.
(b) An article requesting authorization to incur long-term debt can only be placed on the warning by a vote of four selectmen, which indicates that the cost of the improvement will be too great to be paid out of the annual income or revenues of the Town.
(c) Any vote authorizing long-term debt shall only be valid if voted at a Town meeting at which the total number of votes casting ballots exceeds 10 percent of the total number of names on the checklist on the date of the last annual Town meeting.
(d) Articles requesting authorization for long-term debt shall be warned in accordance with section 22(b)(3) of this charter related to Town warnings generally.
(e) The Town Treasurer shall be authorized, subject to the approval of the Board of Selectmen, to incur short-term debt in anticipation of taxes for Town and school funding.
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