§47-7  Details of bonds.  (a)  Thedirector 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 thecounty authorized for issuance by the governing body thereof.  All bonds issuedunder authority of this chapter:

(1)  Shall bear interest at a rate or rates notexceeding a rate or rates established by ordinance enacted by the governingbody of the county payable at such time or times;

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

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

(4)  May be issued in coupon form without privilege ofregistration or registrable as to principal only or as to both principal andinterest or in fully registrable form without coupons;

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

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

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

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

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

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

(4)  Whether to acquire such policies of insurance andenter into such banking arrangements on such terms as the director of financemay deem necessary or desirable in order to carry out the purposes of thischapter, including, without limitation, credit or liquidity support facilitiesand interest rate swaps, swaptions, interest rate floors or caps and othersimilar 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 inconjunction with the bonds; and

(5)  All other details of bonds issued under thischapter.

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