7-7-4421. Authority to issue revenue bonds. In addition to the powers which it may now have, any municipality shall have power under this part to:
     (1) issue its bonds to finance in whole or in part the cost of the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking;
     (2) pledge to the punctual payment of said bonds issued under this part or part 45 and interest thereon an amount of the revenues of such undertaking (including improvements, betterments, or extensions thereto thereafter constructed or acquired) or of any part of such undertaking sufficient to pay said bonds and interest as the same shall become due, with such amount consisting of all or any part or portion of such revenue, and create and maintain reasonable reserves therefor.

     History: En. Sec. 3, Ch. 126, L. 1939; amd. Sec. 1, Ch. 52, L. 1949; amd. Sec. 1, Ch. 145, L. 1951; R.C.M. 1947, 11-2403(part).