61-3-47 - Redemption of bonds and notes.
§ 61-3-47. Redemption of bonds and notes.
No bonds or notes shall be made payable on demand, but any bond or note may be made subject to redemption prior to maturity on such notice and at such time or times and with such redemption provisions as may be stated in the resolution authorizing the issuance of the bond or note. When any such bond or note shall have been validly called for redemption and payment of the principal thereof and of the interest thereon accrued to the date of redemption shall have been tendered or made, interest thereon shall cease. A complete schedule of redemption dates shall be included in the resolution authorizing the bond issue.
Sources: Codes, 1942, § 7545-40; Laws, 1958, ch. 230, § 10; Laws, 1969, Ex. Sess. ch. 35, § 1, eff from and after passage (approved October 7, 1969).