As used in this part 1, unless the context otherwise requires:
- “Floating indebtedness” means all obligations of the municipality to pay money, of whatever kind or character, except indebtedness evidenced by outstanding negotiable interest-bearing bonds of the municipality.
Source: L. 75: Entire title R&RE, p. 1134, § 1, effective July 1.
Editor’s note: This section is similar to former § 31-21-101 as it existed prior to 1975.