18-2737. Economic development program approved prior to June 1, 1993; bond issuance; authorized; procedure.

286 words·~1 min read·/ne/chapter-18/18-2737

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

(1)Any city which has received voter approval to conduct an economic development program pursuant to the Local Option Municipal Economic Development Act prior to June 1, 1993, may, subject to subsection

(2)of this section, issue bonds as provided by the act even though the proposed plan prepared pursuant to section 18-2710 did not contemplate or provide for the issuance of bonds and the question on the ballot approved by the voters did not set out that the city proposed to issue bonds to provide funds to carry out the economic development program.

(2)The governing body of any city proposing to issue bonds pursuant to the authority granted by subsection

(1)of this section shall adopt a resolution expressing the intent of the city to issue bonds from time to time pursuant to the act to provide funds to carry out the economic development program. Such resolution shall set a date for a public hearing on the issue of exercising such authority, and notice of such hearing shall be published in a legal newspaper in or of general circulation in the city at least seven days prior to the date of such hearing. Following such hearing, the governing body of the city shall amend or incorporate into the ordinance adopted pursuant to section 18-2714 a provision authorizing the governing body to exercise, in the manner set forth in the act, the authority granted by the act to issue bonds to provide funds to carry out the economic development program.

(3)Any city desiring to exercise the authority granted by this section which complies with the provisions of subsection

(2)of this section may exercise the authority to issue bonds as provided in the act.