7-14-2523. Term of county road and bridge bonds. (1) Bonds issued under 7-14-2522(1) may not be issued for a longer term than 20 years.
     (2) A bond issued under 7-14-2522(1)(b) may not be issued for a term longer than 10 years, except that:
     (a) if the unexpired term of the bonds to be refunded is greater than 10 years, the refunding bonds may be issued for the unexpired term; or
     (b) if the 10-year term requires an annual tax levy for payment of the refunding bonds which exceeds 10 mills on all property subject to taxation, the term may be so extended as to reduce the annual levy to 10 mills.

     History: En. Sec. 7-305, Ch. 197, L. 1965; amd. Sec. 30, Ch. 234, L. 1971; amd. Sec. 125, Ch. 316, L. 1974; R.C.M. 1947, 32-3805(1), (2).