18-502. Revenue bonds; issuance; interest; not included in limit on bonds.

For the purpose of owning, operating, constructing, and equipping such sewage disposal plant or sewerage system or improving or extending such existing system, a municipality may issue revenue bonds therefor. Such revenue bonds, as provided in this section, shall not impose any general liability upon the municipality but shall be secured only by the revenue as hereinafter provided of such utility. Such revenue bonds shall be sold for not less than par and bear interest at a rate set by the city council. The amount of such revenue bonds, either issued or outstanding, shall not be included in computing the maximum amount of bonds which the said municipality may be authorized to issue under its charter or any statute of this state.

Source:Laws 1933, c. 146, § 2, p. 561; Laws 1937, c. 41, § 2, p. 180; C.S.Supp.,1941, § 18-1402; R.S.1943, § 18-502; Laws 1957, c. 40, § 1, p. 214; Laws 1969, c. 51, § 62, p. 311.