§ 6-20-1229 - Issuance of second-lien commercial bonds.
6-20-1229. Issuance of second-lien commercial bonds.
(a) As used in this section:
(1) "Issue", "issuance", or some variety thereof means the date upon which a second-lien bond is actually sold; and
(2) "Second-lien bond" means a commercial bond issued under the authority set forth in 26-80-106.
(b) All second-lien bonds issued by school districts shall have semiannual interest payments, with the first interest payment due within eight (8) months of the issuance of the second-lien bond. All second-lien bonds shall be repaid on payment schedules that are either:
(1) Equalized payments in which the annual payments are substantially equal in amount; or
(2) Decelerated payments in which the annual payments decrease over the life of the schedule.