§ 13.2. Limitations Upon Borrowing Power.

Latest version.

(a)

The net bonded indebtedness incurred for all public purposes shall not at any time exceed statutory limits.

(b)

No bonds shall be sold to obtain funds for any purpose other than that for which they were specifically authorized, and, if such bonds are not sold within two years after authorization, such authorization shall be null and void, except when delay is authorized by the Municipal Finance Commission. In case of litigation, the two year period shall start at the time of the filing of the final judgment or decree. In case of bonds authorized to be issued in two or more parts or series, the first part or series shall be sold within two years after authorization.

                    
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