§ 30-35-703 — Vote of electors - when required - procedures

(1) Whenever
such governing body deems it expedient to issue refunding bonds under the
provisions of this part 7 and either the net interest cost or the net effective interest
rate of the proposed issue of refunding bonds exceeds the net interest cost or the
net effective interest rate, respectively, of the issue of bonds to be refunded, the
governing body, by ordinance or resolution, shall submit the question of issuing said
refunding bonds at a special election called and held for that purpose or at a
regular election of county officers; but bonds issued under this part 7 for the
purpose of refunding bonds which were originally issued to supply water to the
county shall not require such approval of the electors. An election held under this
section shall be held in the manner provided for the authorization of an original
bonded indebtedness in section 30-35-201 (6).

(2) At any election held under the provisions of this part 7, the question of
authorizing the refunding of all or any part of the then outstanding bonded
indebtedness of the county may be submitted as one question for determination,
whether such bonds are of the same or of different issues.

(3) The election shall be conducted as nearly as may be in conformity with
the provisions of the general election laws.

(4) The election notice shall specify, in addition to the time and places for
holding said election, the qualifications for persons to vote on such question, the
amount and date of the bonds to be refunded, the amount of refunding bonds
proposed to be issued, and the maximum net effective rate of interest at which they
may be issued.

(5) At such election the ballots or voting machine tabs shall contain the
words For the Refunding Bonds and Against the Refunding Bonds.

Legislative History

Source: L. 81: Entire article added, p. 1478, � 1, effective June 8.