As used in this part 1, unless the context otherwise requires:
(1) Floating indebtedness means all obligations of the municipality to pay money, of whatever kind or character, except indebtedness evidenced by outstanding negotiable interest-bearing bonds of the municipality.
Source: L. 75: Entire title R&RE, p. 1134, � 1, effective July 1.
Editor's note: This section is similar to former � 31-21-101 as it existed prior to 1975.