14-1215. Bridges; acquisition; preliminary expenses; bonds; amount.

315 words·~1 min read·/ne/chapter-14/14-1215

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Notwithstanding any limitation or requirement contained in the city home rule charter of a city of the metropolitan class or imposed by other laws upon the limit of indebtedness, the issuance of bonds, the vote of the electors, or the exercise of the power of eminent domain in or by such city, the city council of such city may issue general obligation bonds to the amount of fifty thousand dollars, or any part thereof, in any one calendar year, to finance preliminary work, including investigation, soundings, employment of engineers and architects, and any other useful work, or appropriate expenses in connection with the proposed acquisition or construction of any bridge, bridges, or viaducts, and the preliminary financing of such bridges or viaducts.

(2)Such bonds shall be short-term bonds not to exceed three years, redeemable at par on any semiannual interest date upon ten days' notice by publication once in the official newspaper, and may be sold at a discount of not more than two percent. The proceeds of the sale of such bonds may be advanced by the city council to a bridge commission created as provided in sections 14-1227 and 14-1244 to 14-1246 , to be expended by such commission in preliminary work or for costs of operation and maintenance or interest charges as may be necessary.

(3)Whether expended by the city council or by a bridge commission, the amount so expended shall constitute a prior and first lien upon revenue derived from the operation of the bridge in connection with which such expenditures have been made, and shall be repaid as soon as possible and used by the city council to purchase or redeem such short-term bonds.

(4)The amount of such bonds shall be included as a part of the cost of the bridge and shall be repaid out of the proceeds of any bonds issued for permanent financing.