§ 15-7-111 — Bonds for municipal improvements; exception; procedure

(a) Any city or town may issue and sell revenue bonds for
the purpose of creating, purchasing, leasing, constructing,
maintaining, expanding or improving the following types of
municipal improvements:
(i) Municipal auditoriums or community meeting
facilities;
(ii) Land, equipment, municipal incinerators and
other necessary improvements and facilities to be used for or in
conjunction with municipal solid waste management systems;
(iii) Municipally operated recreational facilities of
a type for which a charge is or may be made to the general
public and because of the charge they are or may be
self-liquidating in nature;
(iv) Municipally owned and operated propane, butane
and natural gas distribution systems and lines, except no
revenue bonds shall be issued or sold for the purpose of
purchasing or in any manner acquiring the ownership of an
existing natural gas distribution system or lines;
(v) Electrical systems and any facilities located
within or without the state for the generation, transmission or
distribution of electrical energy, provided that this paragraph
shall only apply to those municipalities that owned their
electrical systems prior to March 1, 1975. No revenue bonds
shall be issued or sold for the purpose of purchasing or in any
manner acquiring the ownership of an existing electrical system.
(b) Any city or town desiring to issue revenue bonds shall
adopt and follow the procedure prescribed for the issuance by
municipalities of revenue bonds for sewerage systems.