21-122.1 - Bonds for special purpose; no election required.
§ 21-122.1. Bonds for special purpose; no election required.
The governing body of any county in which a sanitary district has been or maybe created by general or special law shall have the power to issue bonds tosatisfy improvements to water or sewerage systems mandated by the State WaterControl Board, pursuant to the Federal Water Pollution Control Act, asamended (P.L. 92-500).
The principal and interest on bonds issued under this section shall be paidby the governing body exclusively from revenues and receipts from the wateror sewerage system which is to be improved.
For the purposes of this section, the term "mandated" shall also mean anyagreement between a governing body and the State Water Control Board to comeinto compliance with the requirements of the State Water Control Law.
Issuance of such bonds shall be subject to the conditions or limitations ofthis article; however, no bond referendum shall be required for bonds to beissued pursuant to this section. The sections of this article pertaining toelection requirements and procedures shall not be applicable where bonds areto be issued for the purposes set forth herein. In addition, the provisionsof §§ 21-137.2 and 21-138, authorizing an annual tax to be levied upon allthe property in the district in order to pay the principal and interest dueon the bonds, shall not be applicable to bonds issued under this section.
All bonds issued under the provisions of this section shall contain astatement on their face substantially to the effect that neither the faithand credit of the Commonwealth nor the faith and credit of any county, city,town or other subdivision of the Commonwealth are pledged to the payment ofthe principal of or the interest on such bonds. The issuance of revenue bondsunder the provisions of this section shall not directly or indirectly orcontingently obligate the Commonwealth or any county, city, town or othersubdivision of the Commonwealth to levy any taxes whatever therefor or tomake any appropriation for their payment except from the funds pledged underthe provisions of this section.
(1986, c. 340.)