Section 3-31-7 - Revenue bonds; mortgaging water utility property

If revenue bonds are issued for the acquisition or improvement, betterment or extension of a municipal water utility, the municipality may further assure payment of the revenue bonds by mortgaging and conveying the water utility to a trustee for the benefit and security of the bondholders. History: 1953 Comp., § 14-30-7, enacted by Laws 1965, ch. 300.