Sec. 22a-511. Regional water pollution control authorities: Execution, delivery and maturation of bonds.
Sec. 22a-511. Regional water pollution control authorities: Execution, delivery and maturation of bonds. Bonds issued under sections 22a-500 to 22a-519, inclusive, shall be executed and delivered in such manner and at such times, may be in such
form and denominations, bear such date or dates, be sold at such price or prices and
mature at such time or times not exceeding thirty years from the date thereof as the
authority shall determine. All bonds issued under sections 22a-500 to 22a-519, inclusive,
shall be serial bonds maturing in annual or semiannual installments of principal that
substantially equalize the aggregate amount of principal and interest due in each annual
period, commencing with the first annual period in which an installment of principal is
due, or maturing in annual or semiannual installments of principal no one of which shall
exceed by more than fifty per cent the amount of any prior installment or shall be term
bonds with mandatory deposit of sinking fund payments into a sinking fund of amounts
sufficient to redeem or amortize the principal of the bonds in annual or semiannual
installments which shall substantially equalize the aggregate amount of principal redeemed or amortized and interest due in each annual period commencing with the first
annual period in which a mandatory sinking fund payment becomes due, or sufficient
to redeem or amortize the principal of the bonds in annual or semiannual installments
no one of which shall exceed by more than fifty per cent the amount of any prior installment. The first installment of principal of any series of bonds shall mature or the sinking
fund payment of any series of bonds shall be due not later than three years from the date
of issue of such series of bonds and the last installment maturing shall mature or the
last sinking fund payment of such series shall be due not later than thirty years therefrom.
The bonds may be issued as serial bonds or as term bonds or as a combination thereof.
The bonds shall be in such denominations, be in such form, either bearer or registered
as to principal and interest or as to principal alone or in book entry form, carry such
exchange, transfer and registration privileges, be executed in such manner, be payable
in such medium of payment, at such place or places whether within or without the state,
and be subject to such terms of redemption as the body having power to authorize such
bonds shall determine. The proceeds from the sale of the bonds may be invested and
reinvested in such obligations, securities and other investments or deposited or redeposited in such bank or banks as the body having power to authorize such bonds shall
determine.
(P.A. 95-329, S. 21, 31.)
History: P.A. 95-329, S. 21 effective July 13, 1995.