§ 14-199-505 — Outstanding bond indebtedness - Cross-pledging

(a) If any city of the first class subject to this subchapter shall have outstanding, on the date of enactment of this subchapter, any revenue bonds issued under the authority of § 14-199-101 , or the general laws of the state wherein electric utility revenues or surplus electric utility revenues are pledged, then, in that event, the ordinance authorizing the creation of the commission envisioned within this subchapter shall specifically provide all of the terms and provisions of ordinances and laws authorizing such bonded indebtedness shall be fully complied with. The ordinance creating the commission provided for in this subchapter shall make specific provisions limiting the authority of the commission so as not to cause a default under any existing bond issue. If the city council deems it appropriate, the authorizing ordinance shall provide for separate accountings and audits as is required by such bond issues. (b) Nothing contained in this section shall either prohibit or authorize the cross-pledging of sewer, electric, and water revenues as may be now allowed by law or § 14-199-101 .

Legislative History

Acts 1977, No. 740, § 5; A.S.A. 1947, § 19-3938.