§ 52 — Approval to bond

No proposal to the voters of the District for the approval of a bond or bonds to raise money for the District or to authorize a long-term contract as provided in Article 4 of this chapter shall be made until the District has been in existence for at least one year unless the proposal has been approved by a unanimous vote of the Board of Supervisors. Any proposal for bonding or a long term contract or contracts, regardless of when made, shall not be scheduled for public vote until at least 120 days following the submission of the proposal unless by a unanimous vote of the Board of Supervisors. During that 120 day period, any municipality may request, and the District shall furnish within 30 days following the request, a statement of the indebtedness then owed by the municipality to the District. A municipality may vote within the 120 day period to withdraw from the District effective as of one year following the vote to withdraw or as soon after such one year period as the financial obligations in existence prior to the approval by the Board of the bond or long-term indebtedness then under consideration of the withdrawing municipality have been paid to the District, without obligation for the bond, bonds, or long-term indebtedness then under consideration.

Legislative History

(Added 2005, No. M-8, § 2.)