19-1307. Public utilities; combined revenue bonds; objections; submit to electors; effect.

If the electors of a city or village, equal in number to forty percent of the electors of such city or village voting at the last preceding general municipal election, file written objections to proposed issuance of combined revenue bonds pursuant to section 19-1305 with the city clerk or village clerk within twenty days after the first publication of the notice given pursuant to section 19-1306, the city council or village board of trustees shall submit such proposition of issuing such bonds to the electors of such city or village at a special election called for that purpose or at a general city or village election, notice of which shall be given by publication in a legal newspaper published in or of general circulation in such city or village three consecutive weeks. If a majority of the qualified electors of such city or village, voting upon the proposition, vote in favor of issuing such bonds, the city council or village board of trustees may issue and sell such combined revenue bonds and pledge, for the payment of same, the revenue and earnings of the public utilities owned and operated by the city or village, as proposed in such notice, and enter into such contracts in connection therewith as may be necessary or proper. Such bonds shall draw interest from and after the date of the issuance thereof. In the event the electors fail to approve the proposition by such majority vote, such proposition shall not be again submitted to the electors for their consideration until one year has elapsed from the date of such election.

Source