The City of Summersville is hereby authorized to issue and sell bonds of said City, for the purposes of financing the costs associated with the acquisition and construction of water and sewer works and other public utilities; for the purpose of acquiring and providing land for public parks, public streets, avenues and alleys, airports and other public grounds, and acquiring or assisting in acquiring property to be donated, dedicated or conveyed to, or otherwise vested in other public buildings, which donation, dedication and conveyance are hereby authorized to be made, and also to provide ground for and erect an incinerator plant or garbage crematory, or other plant or means for the disposal of garbage and refuse; and such bonds shall be sold for not less than par, and shall be payable in a period not to exceed 30 years, and shall bear interest, not to exceed 8% per annum; and in the issuance and sale of said bonds the City shall be governed by all the restrictions of the Constitution of this State and the statutes of this State, with respect to the issuance and sale of other bonds; provided, that said City shall not, by the sale or issue of bonds for the purposes above mentioned; cause the aggregate of its indebtedness, of every kind whatever, to exceed five per centum of the value of the taxable property therein, but may for the above purposes issue bonds to the maximum limit of said five percent; nor shall said City make such issue and sale of bonds without, at the same time, providing for the collection of a direct annual tax or rents sufficient to pay annually the interest on the same, and a sinking fund to pay the principal within the time for which said bonds shall be issued.
(Passed 1-10-11)