2018 Nebraska Revised Statutes
Chapter 10 - BONDS
10-402 County and city bonds; election; proposition; contents.
10-402. County and city bonds; election; proposition; contents.
The proposition of the question must be accompanied by a provision to levy a tax annually for the payment of the interest on said bonds as it becomes due; Provided, an additional amount shall be levied and collected to pay the principal of said bonds when it shall become due.
Source
- Laws 1869, § 2, p. 92;
- Laws 1870, § 1, p. 15;
- R.S.1913, § 406;
- C.S.1922, § 323;
- C.S.1929, § 11-402;
- R.S.1943, § 10-402.
Annotations
Where proposition submitted provides for levying tax to pay interest but fails to provide levy for principal, bond issue may be enjoined. Cook v. City of Beatrice, 32 Neb. 80, 48 N.W. 828 (1891).
Submission of proposition to levy tax is mandatory and must be complied with in issuing bonds. State ex rel. Berry v. Babcock, 21 Neb. 599, 33 N.W. 247 (1887).
If proposition submitted does not include provision to levy tax for payment of interest, bonds are void. Hamlin v. Meadville, 6 Neb. 227 (1877).
