Where the amount of money which would be raised by the tax levy provided for in section 16-675 would be insufficient to establish or pay for a system of waterworks, gas, electric,
or other light works, or heating or power system, the mayor and city council may borrow
money and pledge the property and credit of the city upon its negotiable bonds or
otherwise to an amount not exceeding two hundred and fifty thousand dollars for the
purpose of establishing, constructing, extending, enlarging, or paying for, or maintaining
the utilities named in this section. No such bonds shall be issued by the city council until the question of issuing
the bonds shall have been submitted to the electors of the city at an election held
for such purpose, notice of which shall have been given by publication once each week
for three successive weeks prior thereto in a legal newspaper in or of general circulation
in such city, and a majority of the electors voting upon the proposition shall have
voted in favor of issuing such bonds. However, no election shall be called until a petition signed by at least fifty resident
property owners shall be presented to the mayor and city council asking that an election
be called for the purpose specified in this section.
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