Sec. 8-169g. Issuance of municipal bonds.
Sec. 8-169g. Issuance of municipal bonds. For the purpose of carrying out or
administering a community development plan, a municipality is hereby authorized to
issue from time to time bonds of the municipality which are payable solely from and
secured by a pledge of a lien upon any or all of the income, proceeds, revenues and
property acquired pursuant to a community development plan, including the proceeds
of grants, loans, advances or contributions from the federal government, the state or
other source, including financial assistance furnished by the municipality or any other
public body pursuant to section 8-169h. Bonds issued under this section shall be in such
form, mature at such time or times, bear interest at such rate or rates, be issued and sold
in such manner, and contain such other terms, covenants and conditions as the legislative
body by resolution determines. Such bonds shall be fully negotiable, shall not be included in computing the aggregate indebtedness of the municipality and shall not be
subject to the provisions of any other law or charter relating to the issuance or sale of
bonds, provided, if such bonds are made payable, in whole or in part, from funds contracted to be advanced by the municipality, the aggregate amount of such funds not yet
appropriated to such purpose shall be included in computing the aggregate indebtedness
of the municipality. As used in this section "bonds" means any bonds, including refunding bonds, notes, interim certificates, debentures or other obligations.
(P.A. 75-443, S. 7, 15; P.A. 79-631, S. 19, 111.)
History: P.A. 79-631 made technical corrections.