Bonds may be issued and sold after construction of any such
sewer or drain has been authorized, and each bond issue shall be limited to an
amount that does not exceed the portion of the cost of such sewer or drain
agreed upon with the County as the amount justly and equitably to be borne by
property lying beyond the City limits. Such bonds shall not be issued for longer
than twenty (20) years, and may be general obligations of the City. No bonds
shall be issued when the total of such bonds then outstanding would exceed five
hundred thousand dollars ($500,000). In lieu of issuing bonds, the Council may
provide for financing part or all of the cost agreed upon as chargeable to
property outside of the City from City funds. The Council has authority to levy
and collect an assessment against the property benefitted by any sewer or drain
lying beyond the City limits whenever that property is included within the City
limits, if no previous assessments therefor have been made on the property, and
to apply the money so collected toward payment of such bonds, or to reimburse
the City for any payment, expenditure or advancement for such sewer or drain.
Any agreement with the County may provide for the levy and collection by the
County of an assessment against property whenever the sewer or drain may
immediately benefit the property because of construction of an extension,
lateral, branch, or otherwise. [June 4, 1917, new sec. 275b; 1928 pub., sec.
275b; 1942 recod., sec. 9-502; rev. Nov. 8, 1966; am. Nov. 3,
1992.]