(A) The City Council shall have the power to levy a tax, not to exceed that prescribed by the laws of the state, including, but not limited to, Neb. RS 17-702(2) and 19-1302, as amended or superseded, upon the assessed value of all the taxable property within the city, except intangible property, for a term not to exceed that prescribed by the laws of the state, including, but not limited to, Neb. RS 19-1302, as amended or superseded, in addition to the amount of tax which may be annually levied for the purpose of the adopted budget statement of the city, for the purpose of establishing a sinking fund for the construction, purchase, improvement, extension, original equipment or repair, not including maintenance, for any one or more of the public improvements authorized therefore by the laws of the state, including, but not limited to Neb. RS 19-1302, as amended or superseded. Before any sinking fund or funds shall be established or before any annual tax shall be levied for one or more planned city improvements, the City Council shall declare its purpose by resolution to submit to the qualified electors of the city at the next general city election the proposition to provide the city with the specific city improvement or improvements planned for consummation.
(B) The resolution of submission shall, among other things, set forth a clear description of the improvements planned thereunder, the estimated cost thereof according to the prevailing costs, the amount of annual, levy over a definite period of years, not exceeding ten years, required to provide the cost, the specific name or designation for the sinking fund sought to be established to carry out the planned improvement, together with a statement of the proposition for placement upon the ballot at the election. Notice of the submission of the proposition, together with a copy of the official ballot containing the same, shall be published as provided by the laws of the state, including, but not limited to, Neb. RS 19-1303, as amended or superseded. No sinking fund shall be established unless the same shall have been authorized by a majority or more of the legal votes favor the establishment of the sinking fund, then the planned improvement shall not be made, no annual tax shall be levied therefor and no sinking fund or sinking funds shall be established in connection therewith, but the resolution of submission, shall forthwith be repealed.
(C) If the proposition shall carry at the election in the manner aforethe, then the City Council shall proceed to do all things authorized under the resolution of submission. The funds received by the City Treasurer, as provided herein, shall, as they accumulate, be immediately invested by him or her, with the written approval of the City Council, in the manner provided therefore by the laws of the state, including, but not limited to, Neb. RS 77-2337, 77-2341, as amended or superseded. Whenever investments of the sinking fund or funds are made, the nature and character of the same shall be reported to the local City Council and the investment report shall be made a matter of record by the City Clerk in the proceedings of the City Council.
(D) The sinking fund or sinking funds, accumulated as provided herein, shall constitute a special fund or funds, for the purpose or purposes for which the same was authorized and shall not be used for any other purpose, unless authorized by 60% of the qualified electors if the city voting at a general election favoring the change in the use of the sinking fund or sinking funds.
(E) The question of the change in the use of the sinking fund or sinking funds, when it shall fail to carry, shall not be resubmitted in substance for a period of one year from and after the date of the election.
(Prior Code, § 1-815)
Statutory reference:
Related provisions, see Neb. RS 17-702(2), 19-1301 through 19-1304, 77-2337, 77-2341