19-1306. Public utilities; plans and specifications; notice; contents; revenue bonds, sale; procedure; subsequent issuance of revenue bonds; procedure.

487 words·~2 min read·/ne/chapter-19/19-1306

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

The city council or village board of trustees of a city or village seeking to issue revenue bonds pursuant to section 19-1305 shall first cause plans and specifications for such proposed extensions and improvements and an estimate of the cost thereof to be made by the city engineer or village engineer or by a special engineer employed for that purpose. Such plans, specifications, and estimate of cost, after being approved and adopted by the city council or village board of trustees, shall be filed with the city clerk or village clerk and be open to public inspection.

The city council or village board of trustees shall then, by resolution entered in the minutes of its proceedings, direct that public notice be given in regard thereto. Such notice shall state:

(1)The general nature of the improvements or extensions proposed to be made;

(2)that the plans, specifications, and estimate thereof are on file in the office of the city clerk or village clerk and are open to public inspection;

(3)the estimated cost thereof;

(4)that it has proposed to pay for the same by combined revenue bonds;

(5)the principal amount of such bonds which it proposes to issue;

(6)the maximum rate of interest which such bonds will bear;

(7)that the payment of such bonds will be a lien upon and will be secured by a pledge of the revenue and earnings of certain public utilities;

(8)the names of the utilities whose revenue and earnings are to be so pledged;

(9)that any qualified elector of the city or village may file written objections to the issuance of such bonds with the city clerk or village clerk within twenty days after the first publication of such notice;

(10)that if such objections are filed within such time by qualified electors of the city or village, equal in number to forty percent of the electors of the city or village who voted at the last preceding general municipal election, the bonds will not be issued unless the issuance of such bonds is otherwise authorized in accordance with law; and

(11)that if such objections are not so filed by such percentage of such electors, the city council or village board of trustees of such city or village proposes to pass an ordinance authorizing the sale of such bonds and making such contracts with reference thereto as may be necessary or proper. Such notice shall be signed by the city clerk or village clerk and be published three consecutive weeks in a legal newspaper published in or of general circulation in such city or village. Once combined revenue bonds have been issued pursuant to this section or section 18-1101 , the procedure outlined in this section shall not be required to issue additional combined revenue bonds unless an additional public utility not previously included is to be combined with the bonds contemplated to be issued.