The governing body of any municipality may issue negotiable coupon bonds, to be denominated funding bonds, for the purpose of funding any of the legal floating indebtedness of such municipality existing at any time. The specific indebtedness to be funded and the amount of such funding bonds to be issued under the provisions of this part 1 shall first be determined by such governing body and a certificate of such determination shall be made and entered in the records of the municipality prior to the issuance of said funding bonds. Nothing in this part 1 shall be construed to repeal or amend any law limiting the indebtedness of municipalities.
Source: L. 75: Entire title R&RE, p. 1134, § 1, effective July 1.
Editor’s note: This section is similar to former § 31-21-102 as it existed prior to 1975.