19-1403. Municipal heat, light, and ice plants; bonds; interest; amount; approval of electors; tax.

The question of issuing bonds for any of the purposes described in section 19-1401 shall be submitted to the electors at an election held for that purpose after not less than thirty days' notice thereof has been given (1) by publication in a legal newspaper published in or of general circulation in the municipality or (2) if no legal newspaper is published in or of general circulation in such municipality, by posting in five or more public places in such municipality. Such bonds may be issued only when a majority of the electors voting on the question favor their issuance. Such bonds shall bear interest, payable annually or semiannually, and shall be payable at any time the municipality may determine at the time of their issuance but in not more than twenty years after their issuance. The aggregate amount of bonds that may be issued for the construction or the purchase of a heating or lighting plant shall not exceed four percent of the taxable value of the assessed property and, for the construction or purchase of an ice plant, shall not exceed one percent of the taxable value of the assessed property within such municipality, as shown by the last annual assessment. The city council or village board of trustees shall levy annually a sufficient tax to maintain, operate, and extend any system or plant and to provide for the payment of the interest on and principal of any bonds that may have been or shall be issued as provided in this section.

Source:Laws 1919, c. 181, § 3, p. 405; Laws 1921, c. 128, § 2, p. 538; C.S.1922, § 4398; C.S.1929, § 18-103; R.S.1943, § 19-1403; Laws 1955, c. 59, § 1, p. 188; Laws 1969, c. 51, § 73, p. 320; Laws 1971, LB 534, § 24; Laws 1992, LB 719A, § 83; Laws 2019, LB193, § 117.