Section 162-G:7 Bonds.
I. Bonds authorized under this chapter may be issued:
(a) In one or more series of one or more denominations and bearing one or more rates of interest;
(b) In bearer form or registered form with or without privileges of conversion and reconversion from one form to the other;
(c) Payable in serial installments or as term bonds, and any series may consist of both types of bond, provided that all of the bonds of every series shall mature no later than 40 years after their dates;
(d) Subject to redemption prior to maturity, with or without the payment of any redemption premium, in accordance with the provisions of the trust indenture;
(e) By a governmental unit; and
(f) By any business and industrial development authority created under this chapter.
II. Bonds shall bear the manual signature of the mayor and city treasurer, the city manager and city treasurer, or the chairman of the board of selectmen and the town treasurer, as the form of government of the municipality may prescribe; and interest coupons, if any, shall bear the manual or facsimile signature of the treasurer in each case. Bonds shall also bear the seal of the governmental unit or a facsimile thereof. Bonds executed as herein provided shall be valid notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to hold office.
III. Every bond shall bear a statement on its face that it does not constitute an indebtedness of the governmental unit except to the extent permitted by this chapter. Bonds may be sold at public or private sale. The price at which bonds are sold may be par or may be more or less than par, but the original purchaser thereof shall be obligated to pay accrued interest for the period, if any, from the date of the bonds to the date of delivery. All bonds issued under this chapter and interest coupons applicable thereto, if any, shall be deemed to be negotiable instruments and to be investment securities under the uniform commercial code.
IV. No purchaser of bonds shall be in any way bound to see to the proper application of the proceeds thereof.
Source. 1972, 57:1. 1975, 481:19. 1994, 331:7. 2000, 161:1, eff. July 22, 2000.