(1) No indebtedness shall be created nor shall any bonds be issued for acquiring such lands or interests in land unless the question of incurring such debt and issuing such bonds has been submitted at a regular election to a vote of those persons qualified to vote on authorization of other bonded indebtedness and approved as required by section 31-15-302 (1)(d). (2) The governing body, upon petition of the registered electors of such city equal in number to at least one-tenth of the number of such registered electors voting at the last regular election of such city, shall submit at the next regular election either or both of the questions of acquisition or of incurring bonded indebtedness by separate ordinance. In the ordinance submitting the question of the acquisition of such lands or interests in land, the governing body shall state the location of the land or interests in land proposed to be acquired, describing the same by legal subdivisions, wherever practicable, and the consideration to be given for purchase and the manner of payment, and, in the ordinance submitting the question of incurring indebtedness, the governing body shall state the maximum net effective interest rate at which the bonds may be issued. If the only question to be submitted is the acquisition of such properties, the question may be submitted at a regular or special election. If the acquisition or incurring of indebtedness or both have been approved as required by section 31-15-302 (1)(d), the governing body shall acquire such lands or interests in land, incur said indebtedness, or both, pursuant to said authorization. (3) The parks, pleasure grounds, boulevards, parkways, avenues, driveways, and roads established in any such city, or such part thereof as may be determined by the mayor and park commission, may be paid for in park bonds of the city of date and form prescribed by the park commission, bearing the name of the city, and payable to bearer at such times and in a sufficient period of years to cover the period of payments provided for, with interest annually at a rate such that the net effective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized, as may be determined by the commission. The bonds shall be signed by the mayor, countersigned by the auditor, treasurer, or finance director, and attested by the clerk and have the seal of the city with the approval of the president of the park commission, if such commission exists, endorsed thereon. The interest shall be evidenced by suitable coupons attested by a facsimile of the signature of the city clerk. (4) For the purposes of this part 2, unless the context otherwise requires, "net effective interest rate" of a proposed issue of bonds means the net interest cost of said issue divided by the sum of the products derived by multiplying the principal amount of such issue maturing on each maturity date by the number of years from the date of said proposed bonds to their respective maturities. "Net interest cost" of a proposed issue of bonds means the total amount of interest to accrue on said bonds from their date of issuance to their respective maturities plus the amount of any discount below par or less the amount of any premium above par at which said bonds are being or have been sold. In all cases the net effective interest rate and net interest cost shall be computed without regard to any option of redemption prior to the designated maturity dates of the bonds.
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