21-33-305 - Revenues of public utilities may be pledged for payment of bonds.
§ 21-33-305. Revenues of public utilities may be pledged for payment of bonds.
Whenever bonds shall be issued for the construction or purchase of waterworks, gas, light and power plants, or distribution systems, the governing authorities of the municipality so issuing them may provide by ordinance, contract or otherwise, that such bonds shall be secured by a pledge of the revenue of the utility to be constructed or purchased with the proceeds thereof, which pledge of revenue shall be in addition to the pledge of the full faith and credit of such municipality.
Sources: Codes, Hemingway's 1917, § 5973; 1930, § 2486; 1942, § 3598-03; Laws, 1914, ch. 147; Laws, 1950, ch. 493, § 3, eff from and after July 1, 1950.