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444.19 BONDS.
At any time after a contract for the construction of all or part of an improvement has been
entered into or the work has been ordered done by day labor, the governing body may issue
obligations in an amount it deems necessary to defray in whole or in part the expense incurred
and estimated to be incurred in making the improvement, including every item of cost from
inception to completion and all fees and expenses incurred in connection with the improvement
or the financing thereof. The obligations shall be payable primarily out of the proceeds of the
tax levied pursuant to section 444.20. The governing body may by resolution adopted prior to
the sale of obligations pledge the full faith, credit and taxing power of the municipality to assure
payment of the principal and interest in the event the proceeds of the tax levy in the district are
insufficient to pay the principal and interest. Obligations shall be issued in accordance with
chapter 475, except that an election is not required, and the amount of the obligations is not
included in determining the net indebtedness of the municipality under the provisions of any law
or charter limiting such indebtedness.
History: 1974 c 206 s 4; 1Sp1989 c 1 art 17 s 12