7-12-4342. Details relating to lighting district bonds and warrants.
7-12-4342. Details relating to lighting district bonds and warrants. (1) Warrants or bonds issued pursuant to 7-12-4341 must be in the denomination of $100 or fractions or multiples of $100 and may be issued in installments.
(2) The warrants or bonds must be redeemed by the treasurer when there is money available for redemption in the fund against which the warrants or bonds are issued and must bear interest from the date of registration of the warrants or bonds until called for redemption or paid in full, interest to be payable annually on January 1 of each year as expressed by the interest coupon attached to the warrant or bond, which may bear the engraved facsimile signature of the mayor and city clerk.
(3) The warrants or bonds may extend over a period not to exceed 20 years.
(4) The requirements of 7-12-4341 and this section apply to all special improvement lighting districts, including those in the process of formation or to be formed on or after July 1, 1997.
History: En. Sec. 4, Ch. 143, L. 1915; re-en. Sec. 5263, R.C.M. 1921; re-en. Sec. 5263, R.C.M. 1935; amd. Sec. 1, Ch. 55, L. 1947; amd. Sec. 18, Ch. 234, L. 1971; R.C.M. 1947, 11-2249(part); amd. Sec. 3, Ch. 127, L. 1997.