48-177

48-177. Issuance, sale and terms of
bonds

A. Notwithstanding the provisions of any general, special or local law, the
district may issue, sell or exchange bonds of such kind, in such amount and with such
security or agreements as may be provided by the contract or agreement, and issue and
sell such bonds either at one time or from time to time to such persons or in such manner
as may be provided in the contract or agreement.

B. The bonds may be in such form, bear such date or dates, be in such denomination
or denominations, mature in such amount or amounts and at such time or times not
exceeding fifty years from their date, be executed in such manner, be payable in such
medium of payment and at such place or places, and bear such privileges as to
registration, conversion, reconversion, redemption or exchange, as may be provided in the
contract or agreement. In the absence of specific provisions in the contract or
agreement as to any of the matters set forth in this subsection, they shall be done or
performed in such manner as is acceptable to the federal government and specified in a
resolution or resolutions of, or approved by, the governing body of the district.

C. If any of the officers of the district who sign the bonds cease to be officers
of the district before the delivery thereof, the bonds shall nevertheless be valid and
binding obligations of the district for all purposes when duly delivered and paid for the
same as if the persons who signed the bonds had continued to be officers of the district
until after delivery and payment.

D. The bonds may bear interest at a rate or rates not to exceed the maximum rate
set forth in the notice of election, and may be sold either at public or private sale for
an amount equal to not less than one hundred per cent of the principal amount thereof,
upon such terms and conditions as the governing body of the district determines, or may
be exchanged for a like or greater principal amount of outstanding bonds of the
district. If the purchaser pays interest accrued on the bonds at the date of purchase,
interest shall be payable on the bonds from the date when the accruals commenced.

E. Notwithstanding their form or tenor, the bonds and any other bonds purchased by
the federal government pursuant to the terms of the contract or agreement shall at all
times be negotiable instruments, unless they contain on their face an express statement
that they are nonnegotiable.