77-5-413 - Bond provisions.
§ 77-5-413. Bond provisions.
The bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times, not exceeding thirty (30) years from their respective dates, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be sold or hypothecated in such blocks, may be subject to such terms of redemption, with or without premium, and may be declared or become due before the maturity date thereof, as may be provided by resolution or resolutions of the governing body of the municipality. Such bonds may be issued for money or property at public or private sale, for such price or prices, at such rate or rates of interest, and may be hypothecated in such manner as the governing body may determine, but the interest cost to maturity of the property (at the value determined by the governing body, which determination shall be conclusive) or the money received for any issue of said bonds, shall not exceed the rate of six percent (6%) per annum, payable semi-annually. Such bonds shall have all the qualities and incidents of negotiability. Such bonds shall not be subject to taxation. Pending the preparation, execution or delivery of definite bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser or purchasers of such bonds.
In case any of the officers whose signatures or countersignatures appear on such bonds shall cease to be such officers before the delivery of the bonds, such signatures and countersignatures shall nevertheless be valid and sufficient for all purposes, the same as though such officers had remained in office until the bonds had been delivered. Such bonds, when issued, shall be known as "electric plant bonds."
Sources: Codes, 1942, § 5532; Laws, 1936, ch. 185.