182.105. Issuance of bonds for building--limits--maturity--election--tax to pay.
Issuance of bonds for building--limits--maturity--election--tax topay.
182.105. 1. The county library board in any county library districtmay provide for the purchase of ground and for the erection of publiclibrary buildings, and for the improvement of existing buildings, and mayprovide for the payment of the same by the issue of bonds or otherwise,subject to the conditions and limitations set forth in this section.
2. No bonds shall be issued in an amount in excess of five percent ofthe value of taxable, tangible property in the county library district, asshown by the last completed assessment for state and county purposes, norshall such indebtedness be incurred unless it has been approved by the voteof the constitutionally required percentage of the voters of the countylibrary district voting on the question at a municipal election.
3. Before incurring any indebtedness as authorized in this section,the county library board shall provide for the collection of an annual taxon all taxable, tangible property in the county library district sufficientto pay the interest and principal of the indebtedness as they shall falldue and to retire the same within twenty years from the date contracted.
4. If, upon the returns from the election, which shall be certifiedto the county commission, it appears that the question to incur or increasesuch indebtedness has been assented to by the constitutionally requiredpercentage of the voters voting on the question, the county commissionshall enter of record a brief recital of the returns and shall declare thatthe county library board may issue bonds of the county library district ina total amount not in excess of that authorized by the voters. The bondsshall be issued in denominations of not less than one hundred dollars, orsome multiple thereof, payable in not more than twenty years from the datethey bear, bearing interest from date at a rate not exceeding the rate perannum authorized by law. All bonds shall be signed by the chairman of thecounty library board, attested by the signature of the secretary, and eachbond shall have impressed thereon the corporate seal of the county librarydistrict.
(L. 1955 p. 500 § 182.100, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621, A.L. 2006 S.B. 936)