Section 9-685 - Prerequisites for issuance - Determinations by sanitary commission.
§ 9-685. Prerequisites for issuance - Determinations by sanitary commission.
(a) Required.- Before a district issues any bonds:
(1) The sanitary commission shall make the determinations required by this section; and
(2) After the sanitary commission makes the determinations, the district shall issue the bonds in accordance with the determinations.
(b) Enumerated.- The sanitary commission:
(1) Shall determine the form of the bonds;
(2) Shall determine the manner of execution of the bonds;
(3) Shall determine the denominations of the bonds;
(4) Shall determine the place, which may be any bank or trust company, where the principal and interest of the bonds will be paid;
(5) Shall determine whether interest coupons will be attached to the bonds and, if so, the form of the coupons;
(6) May determine whether the bonds will be issued in:
(i) Coupon form;
(ii) Registered form; or
(iii) Coupon form and registered form;
(7) May determine whether coupon form bonds will be registered as to:
(i) Principal; or
(ii) Principal and interest;
(8) May determine a method for reconverting into coupon form bonds any bonds that are registered as to principal and interest;
(9) May determine whether the district will redeem bonds before maturity, and if so, shall specify:
(i) The terms and conditions the sanitary commission will impose as to redemption before maturity; and
(ii) The method the sanitary commission will use in determining the prices the district will pay to redeem bonds before maturity;
(10) Shall determine any other condition, term, or provision as to the bonds that the sanitary commission is required to make under this subtitle; and
(11) May determine any other condition, term, or provision as to the bonds that the sanitary commission is allowed to make under this subtitle.
[An. Code 1957, art. 43, § 654; 1982, ch. 240, § 2.]