Sec. 29.47.190. Vote and notice of existing indebtedness required.
136 words·~1 min read·
/ak/title-29/chapter-47/29-47-190A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 29.47.190. Vote and notice of existing indebtedness required.
(a)A municipality may incur general obligation bond debt only after a bond authorization ordinance is approved by a majority vote at an election. Any municipal voter may vote in the bond election, except as otherwise provided by law.
(b)Before a general obligation bond issue election, the governing body shall have published a notice of the total existing bond indebtedness at least once a week for three consecutive weeks. The first notice shall be published at least 20 days before the date of the election. A notice must include
(1)the current total general obligation bonded indebtedness, including authorized but unsold bonds of the municipality;
(2)the cost of the debt service on the current indebtedness;
(3)the total assessed value of property in the municipality.