§ 40-49-15 — Purchase of land by city park district on installment contract - Conditions and limitations

and limitations.
After declaring by resolution duly passed that an emergency exists in that it is desirable and
necessary that additional lands, as described in the resolution, be acquired for park purposes,
the board of park commissioners of any city may enter into a contract or contracts for the
purchase of such additional land for park purposes and for the payment of the purchase price
therefor in annual installments. The power to enter into such contract shall be subject to the
following limitations and conditions:
1. All moneys to be paid annually under any such contract shall be available and paid
only from revenues to be derived from the authorized tax levy of the park district.
2. Contracts which at any time shall create aggregate future obligations of the park
district in an amount in excess of one-fifth of one percent of the value of all taxable
property within the park district may not be entered into under the provisions of this
section.
3. The total amount contracted to become payable within any year by any park board
shall not exceed twenty percent of the authorized tax revenue of the park district for
the year in which any such contract is made.