§ 40-33-26 — Municipal transportation system - Resolution

Whenever the governing body of any municipality shall determine that the public
convenience and necessity of the municipality require the purchase, acquisition, or
establishment of a public transportation system, it may, by resolution adopted by the affirmative
vote of a majority of its members, determine that the anticipated net revenues of such public
transportation system would be insufficient to assure the sale of revenue bonds for the total cost
thereof, and that a specific amount, in dollars, of the cost thereof should be paid for through the
issuance and sale of general obligation bonds and the remainder of the cost should be paid for
through the issuance and sale of revenue bonds.