260C.21 - ELECTION TO INCUR INDEBTEDNESS.
260C.21 ELECTION TO INCUR INDEBTEDNESS.
No indebtedness shall be incurred under section 260C.19 until
authorized by an election. A proposition to incur indebtedness and
issue bonds for community college purposes shall be deemed carried in
a merged area if approved by a sixty percent majority of all voters
voting on the proposition in the area. However, if the costs of
utilities are paid by a community college with funds derived from the
levy authorized under section 260C.22, the community college may use
the general fund moneys that would have been used to pay the costs of
utilities for capital expenditures, may invest the funds, or may
incur indebtedness without an election, provided that the payments on
the indebtedness incurred, and any interest on the indebtedness, can
be made using general funds of the community college and the total
payments on the principal and interest on the indebtedness do not
exceed the amount of the costs of the utilities. Section History: Early Form
[C66, 71, 73, 75, 77, 79, 81, § 280A.21] Section History: Recent Form
90 Acts, ch 1253, § 31
C93, § 260C.21