§ 40-35-06 — Issuance of bonds for electric light and power plant - When approval of electors required

electors required.
No bonds shall be issued by any municipality for the purpose of financing the construction
of a new electric light and power plant or distribution system, for the purchase or acquisition of
an existing electric light and power plant or distribution system, or for the construction of
extensions to any electric light and power plant or distribution system in excess of twenty
percent of the book value thereof as shown by its books, unless the question of issuing such

bonds has been submitted to a vote of the qualified electors of the municipality as provided in
section 40-35-07 and has been approved by a majority of such electors voting on such question.