17-908 Power plant; construction; election; bonds; interest; redemption.
17-908. Power plant; construction; election; bonds; interest; redemption.Before such city or village makes any contract with any person or corporation relating in any manner whatever to the erection of such proposed plant, the question as to whether such plant shall be erected shall be duly submitted to the electors voting at any regular or special election upon the proposition, and such city of the second class or village may by a majority of the votes cast at such election vote bonds in an amount not in excess of seven percent of the taxable valuation of such city or village for the purpose of defraying the cost of such plant. The question of issuing such bonds shall be submitted to the electors at an election held for that purpose after not less than thirty days' notice thereof has been given by publication in some newspaper of general circulation in such city or village or, if no newspaper is published therein, then by posting at five or more public places therein for at least thirty days before such election. Such bonds shall bear interest, payable annually or semiannually, and shall be payable any time the city or village may determine at the time of their issuance but in not more than twenty years after their issuance. The city or village shall have the option of paying any or all of such bonds at any time after five years from their date. SourceLaws 1921, c. 192, § 1, p. 712; C.S.1922, § 4394; C.S.1929, § 17-601; R.S.1943, § 17-908; Laws 1969, c. 51, § 50, p. 304; Laws 1971, LB 534, § 15; Laws 1992, LB 719A, § 60.