§ 32-12-118 — Effect - subsequent elections

If any proposition authorized by
section 32-12-117 is approved by a majority of electors voting thereon, the rail
district shall thereupon be authorized to incur such indebtedness or obligations,
enter into such contracts, or issue and sell such bonds of the rail district, as the
case may be, all for the purposes and objects provided for in the proposition
submitted under said section, in the amount so provided, and at a price and at a rate
of interest such that the maximum net effective interest rate recited in the
resolution is not exceeded. Submission of the proposition of incurring such
obligation or bonded or other indebtedness at such an election shall not prevent or
prohibit submission of the same or other propositions at subsequent elections
called for such purpose, but no new election creating an indebtedness may be held
within one hundred twenty days after the date of the election at which a proposal
was defeated. No more than two such elections may be held within any twelve-month period.

Legislative History

Source: L. 82: Entire article added, p. 515, � 1, effective April 23.