Title 36, Chapter 82, Section 64
( 36-82-64)
Revenue bonds may be issued under this article in one or more
series; may bear such date or dates; may mature at such time or
times, not exceeding 40 years from their respective dates; may bear
interest at such rate or rates not exceeding 9 percent per annum,
payable at such time or times; may be payable in such medium of
payment at such place or places; may be in such denomination or
denominations; may be in such form, either coupon or registered; may
carry such registration, conversion, and exchangeability privileges;
may be subject to such terms of redemption, with or without premium;
may be declared or become due before the maturity date thereof; may
be executed in such manner; and may contain such terms, covenants,
assignments, and conditions as the resolution or resolutions
authorizing the issuance of such bonds may provide. All bonds issued
under this article bearing the signature of officers in office on
the date of the signing thereof shall be valid and binding,
notwithstanding that before delivery thereof and payment therefor
such officers whose signatures appear thereon shall have ceased to
be officers of the governmental body issuing the bonds. Pending the
preparation of the definitive bonds, interim receipts, in such form
and with such provisions as the governing body may determine, may be
issued to the purchaser or purchasers of bonds to be issued under
this article. Such bonds and interim receipts shall be negotiable
for all purposes. Such bonds shall be and are declared to be
nontaxable for any and all purposes. |