Section 9-503 Issuance and Sale of Bonds.

Bonds may be issued and sold after construction of any such sewer or drain has been authorized, and each bond issue shall be limited to an amount that does not exceed the portion of the cost of such sewer or drain agreed upon with the County as the amount justly and equitably to be borne by property lying beyond the City limits. Such bonds shall not be issued for longer than twenty (20) years, and may be general obligations of the City. No bonds shall be issued when the total of such bonds then outstanding would exceed five hundred thousand dollars ($500,000). In lieu of issuing bonds, the Council may provide for financing part or all of the cost agreed upon as chargeable to property outside of the City from City funds. The Council has authority to levy and collect an assessment against the property benefitted by any sewer or drain lying beyond the City limits whenever that property is included within the City limits, if no previous assessments therefor have been made on the property, and to apply the money so collected toward payment of such bonds, or to reimburse the City for any payment, expenditure or advancement for such sewer or drain. Any agreement with the County may provide for the levy and collection by the County of an assessment against property whenever the sewer or drain may immediately benefit the property because of construction of an extension, lateral, branch, or otherwise. [June 4, 1917, new sec. 275b; 1928 pub., sec. 275b; 1942 recod., sec. 9-502; rev. Nov. 8, 1966; am. Nov. 3, 1992.]