18-506. General obligation bonds; issuance; interest; not included in limit on bonds.

For the purpose of owning, operating, constructing, and equipping any sewage disposal plant and any sanitary or storm sewer system or combination storm and sanitary sewer system, or improving or extending such existing system, or for the purpose stated in sections 18-501 to 18-505, any such municipality is also authorized and empowered to issue and sell the general obligation bonds of such municipality upon compliance with the provisions of section 18-506.01. Such bonds shall not be sold or exchanged for less than the par value thereof and shall bear interest which shall be payable annually or semiannually. The governing body of any such municipality shall have the power to determine the denominations of such bonds, and the date, time, and manner of the payment thereof. The amount of such general obligation bonds, either issued or outstanding, shall not be included in the maximum amount of bonds which any such municipality may be authorized to issue and sell under its charter or any statutes of this state.

Source:Laws 1933, c. 146, § 6, p. 563; Laws 1937, c. 41, § 4, p. 182; C.S.Supp.,1941, § 18-1406; R.S.1943, § 18-506; Laws 1951, c. 19, § 2, p. 99; Laws 1955, c. 48, § 2, p. 167; Laws 1969, c. 51, § 63, p. 312.