3-52-6. Bond ordinance.
238 words·~1 min read·
/nm/chapter-3-municipalities/article-52-municipal-transit/3-52-6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The governing body may adopt an ordinance providing:
A. for issuance of bonds to enable the municipality to acquire land, buildings, buses or other equipment required for public transit or for refunding bonds previously issued for such purpose or both such purposes;
B. the bonds are payable solely from a pledge of:
(1)gross income derived by the municipality from the transit facilities financed with the proceeds and other transit facilities not so financed; provided that when gross revenues are so pledged, the municipality may apply to the payment of the expense of maintaining and operating the transit facilities, the gross revenues of which are so pledged, the city's revenues derived from sources other than the proceeds of ad valorem taxes and may, in the proceedings authorizing such issue of such bonds, covenant and agree to apply to the payment of such maintenance and operation expenses so much of such revenues as may be necessary for such purposes or as may be specified in the proceedings;
(2)income derived from franchises granted by the governing body of the municipality;
(3)contributions, grants or other financial assistance from the state or federal governments or any other source; or
(4)any combination of these sources; and
C. the ordinance is irrepealable as long as any indebtedness on the bonds is unpaid by the municipality.
History: 1953 Comp., § 14-53-6, enacted by Laws 1965, ch. 300; 1965, ch. 309, § 1.