§ 46-3-11 - Municipal bonds authorized.
SECTION 46-3-11
§ 46-3-11 Municipal bonds authorized.– For the purpose of financing the municipality's share of the cost of acquiringany land or interest therein needed and for defraying the cost of theconstruction or installation of any structures or facilities approved for thecontrol of beach erosion, the legislative body is authorized and empowered toissue bonds under the corporate name and seal of the municipality, bearing notmore than six percent (6%) interest, per annum, payable semiannually, at suchtimes not exceeding the normal expected life of the construction orinstallation of the kind and sort employed, and for such sum as may beauthorized by the vote of the electors not in excess of an aggregate amount ofthree hundred thousand dollars ($300,000) outstanding at any one time. Thebonds shall be obligatory upon the municipality in the same manner and to thesame extent as other debts lawfully contracted by the municipality. Theprovisions of §§ 45-12-2 and 45-12-11 shall not apply to any bondsissued by any municipality under the provisions of this chapter.