(1)When the board of county commissioners of any county deems it necessary to
create an indebtedness for the purpose of erecting necessary public buildings,
making or repairing public roads or bridges, developing, maintaining, and operating
mass transportation systems, acquiring or building or acquiring and building
airports and landing strips including the necessary land therefor and approaches
thereto, by an order entered of record specifying the amount required and the
object for which such debt is created, they shall submit the question to a vote at a
general or special election. The general or special election provided for under this
part 3 may be combined with the election on a proposal for a countywide sales tax,
use tax, or both, provided for in part 1 of article 2 of tit
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(1) When the board of county commissioners of any county deems it necessary to
create an indebtedness for the purpose of erecting necessary public buildings,
making or repairing public roads or bridges, developing, maintaining, and operating
mass transportation systems, acquiring or building or acquiring and building
airports and landing strips including the necessary land therefor and approaches
thereto, by an order entered of record specifying the amount required and the
object for which such debt is created, they shall submit the question to a vote at a
general or special election. The general or special election provided for under this
part 3 may be combined with the election on a proposal for a countywide sales tax,
use tax, or both, provided for in part 1 of article 2 of title 29. The board shall cause
to be posted a notice of such order, which states, among other things, the maximum
net effective interest rate at which such bonds may be issued, in some conspicuous
place in each voting precinct in the county, for at least thirty days preceding the
election, and all persons voting on that question shall vote by separate ballot
whereon are placed the words for county indebtedness or against county
indebtedness, such ballots to be deposited in a box provided by the board of
county commissioners for that purpose.
(2) (a) No county shall contract any debt by loan in any form unless the
proposition to create such debt shall first be submitted to and approved by the
registered qualified electors of the county.
(b) If a majority of those electors of the county voting at such election vote in
favor of the proposition to contract said debt, the board of county commissioners is
authorized to contract said debt.
(c) The board of county commissioners of any county shall submit to the
registered qualified electors of the county the question of contracting a bonded
indebtedness for any one or more of the purposes authorized by law.
(d) The order submitting the question of contracting an indebtedness shall
contain a statement of the maximum net effective interest rate at which said
indebtedness may be incurred. As used in articles 11, 15, and 17, parts 1, 3 to 6, and 8
of article 20, articles 25 and 26, and part 2 of article 28 of this title 30 and part 2 of
article 6 of title 25, article 3 of title 29, part 5 of article 15 of this title 30, and
article 5 of title 41, unless the context otherwise requires:
(I) Net effective interest rate of a proposed issue of bonds means the net
interest cost of said issue divided by the sum of the products derived by multiplying
the principal amount of such issue maturing on each maturity date by the number of
years from the date of said proposed bonds to their respective maturities.
(II) Net interest cost of a proposed issue of bonds means the total amount
of interest to accrue on said bonds from their date of issuance to their respective
maturities, plus the amount of any discount below par or less the amount of any
premium above par at which said bonds are being or have been sold. In all cases the
net effective interest rate and net interest cost shall be computed without regard
to any option of redemption prior to the designated maturity dates of the bonds.
(e) (I) The board of county commissioners of any county, having received
approval at an election to issue bonds and having determined that the limitations of
the original election question are too restrictive to permit the advantageous sale of
the bonds so authorized, may submit at another general or special election either
the question of issuing the bonds, or any portion thereof, at a higher maximum net
effective interest rate than the maximum interest rate or maximum net effective
interest rate approved at the original election, or the question of issuing the bonds,
or any portion thereof, to mature over a longer period of time than the maximum
period of maturity approved at the original election, or both such questions.
(II) An election held pursuant to this paragraph (e) shall be held in
substantially the same manner as an election to authorize bonds initially, except as
may be required for the submission of the limited question or questions permitted
under this paragraph (e).
(III) If the changes submitted are not approved at an election held pursuant
to this paragraph (e), such result shall not impair the authority of the board at a
later time to issue the bonds originally approved within the limitations established
at the first election.
(3) If, upon canvassing the vote, which shall be canvassed in the same
manner as the vote for county officers, it appears that a majority of all the votes
cast are for county indebtedness, the board of county commissioners shall be
authorized to contract the debt in the name of the county. The aggregate amount of
indebtedness of any county shall not be in excess of three percent of the actual
value, as determined by the assessor, of the taxable property in the county.