38-547. Bond issues; protest petitions for election; limitations upon issuance.
38-547
38-547. Bond issues; protest petitions for election; limitations uponissuance.The boards of county commissioners of counties party to a jointundertaking as authorized by this act may by resolution provide for theissuance of bonds of such counties in an amount not exceeding two hundredthousand dollars ($200,000) for the purpose of providing funds for theconstruction, enlargement, remodeling, equipping and furnishing of a youthcamp or home and the acquisition of necessary ground therefor or for anyone or more of such purposes. Resolutions authorizing the issuance of bondsunder the provisions of this act shall be published in the official countypapers of the counties party to such joint undertaking and shall bepublished once each week for two (2) consecutive weeks therein. Suchresolution shall state the amount of bonds proposed to be issued, thepurpose for which the proceeds shall be used and shall state that if withinthirty (30) days following the last publication of such resolution apetition signed by electors equal in number to not less than five percent(5%) of the electors of such county which voted for secretary of state atthe last preceding general election shall be filed in the office of thecounty election officer of such county requesting an election upon theproposition to issue such bonds, that no such bonds shall be issued withoutthe question of issuing the same having been first submitted to and beenapproved by a majority of the electors of such county voting at theelection called and held thereon. If a valid petition is filed within thetime specified with the county election officer of either county no bondsshall be issued by the board of county commissioners of either county untilthe question of their issuance shall have been submitted to and beenapproved by the electors of both counties voting at elections called andheld thereon. On submitting any such proposition to the electors of thecounty at a general or special election the ballots shall have printedthereon the nature of the proposal, and if a majority of the votes cast atsuch general or special election, shall be in favor of the issuance ofbonds for the purpose of constructing, enlarging, remodeling, equipping andfurnishing the same, and the purchase of such ground as may be necessary,or for any one or more of such purposes, the board of county commissionersshall take action for the issuance of such bonds: Provided, That nosuch bonds shall be issued until and unless the other county or countiesshall likewise have authorized the issuance of bonds for such purpose orpurposes in the amount agreed upon by the boards of county commissionersparties to the joint undertaking.
All bonds issued under the authority of this section shall be issued,sold, delivered and retired in accordance with the provisions of thegeneral bond law.
History: L. 1970, ch. 163, § 7; July 1.