§47-7  Details of bonds.  (a)  The
director of finance of the county, upon authorization of its governing body,
may issue from time to time and in accordance with this chapter, bonds of the
county authorized for issuance by the governing body thereof.  All bonds issued
under authority of this chapter:



(1)  Shall bear interest at a rate or rates not
exceeding a rate or rates established by ordinance enacted by the governing
body of the county payable at such time or times;



(2)  Shall mature and be payable at such time or times
from the date of the issue thereof as will comply with the provisions of the
Constitution of the State;



(3)  May be made payable as to both principal and
interest at such place or places and in such manner within and without the
State;



(4)  May be issued in coupon form without privilege of
registration or registrable as to principal only or as to both principal and
interest or in fully registrable form without coupons;



(5)  May be made registrable at such place or places
within and without the State; and



(6)  May be subject to redemption, to being tendered
for purchase or to being purchased prior to their stated maturity at the option
of the county, the holder or either or both.



(b)  Unless the governing body shall itself
perform the actions, the director of finance shall determine:



(1)  The date, denomination or denominations, interest
payment dates, maturity date or dates, place or places of payment, registration
privileges and place or places of registration, redemption price or prices and
time or times and terms and conditions and method of redemption;



(2)  The rights of the holder to tender for purchase
and the price or prices and time or times and terms and conditions upon which
those rights may be exercised;



(3)  The rights to purchase and price or prices and
the time or times and terms and conditions upon which those rights may be
exercised and the purchase may be made;



(4)  Whether to acquire such policies of insurance and
enter into such banking arrangements on such terms as the director of finance
may deem necessary or desirable in order to carry out the purposes of this
chapter, including, without limitation, credit or liquidity support facilities
and interest rate swaps, swaptions, interest rate floors or caps and other
similar contracts to hedge or reduce the amount or duration of payment, rate,
spread or similar risk or to reduce the cost of borrowing when used in
conjunction with the bonds; and



(5)  All other details of bonds issued under this
chapter.



The principal of and interest and premium, if any,
on all bonds issued under this chapter shall be payable in any coin or currency
of the United States of America which at the time of payment is legal tender
for public and private debts. [L 1989, c 80, pt of §2; am L 2003, c 38, §1]