§49-4  Authorization of undertaking, loan
program and revenue bonds; details of revenue bonds.  (a)  The acquisition,
purchase, construction, reconstruction, improvement, betterment, or extension
of any undertaking or the establishment and administration of a loan program
may be authorized under this chapter, and revenue bonds may be authorized to be
issued under this chapter by resolution or resolutions of the governing body of
the county issuing the revenue bonds which may be adopted at the same meeting at
which the same are introduced by a majority of all the members of the governing
body of the county then in office and shall take effect immediately upon
adoption.



(b)  The revenue bonds, subject to the proviso
to this paragraph shall, bear interest at such rate or rates payable at such
time or times, may be in one or more series, may bear such date or dates, may
mature at such time or times not exceeding thirty years from their respective
dates, may be payable in such medium of payment and at such place or places,
may carry such registration privileges, may be subject to such terms of
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, may
contain such terms, covenants, and conditions, and may be in such form, either
coupon or registered, as the resolution and subsequent resolutions may provide;
provided that notwithstanding the foregoing the governing body may provide for
deeply discounted revenue bonds which do not bear interest but which are
subject to redemption or retirement at their accreted value provided that the
discounted value of the revenue bonds shall not exceed ten per cent of any
series of revenue bonds.



(c)  The governing body shall determine 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, the rights of the holder to tender for
purchase and the price or prices and time or times and terms and conditions
upon which the rights might be exercised, the rights to purchase and the price
or prices and the time or times and terms and conditions upon which the rights
might be exercised and the purchase may be made, and all other details of
revenue bonds issued under this part.  The governing body may also determine to
acquire such policies of insurance and enter into such banking arrangements on
such terms as the county may deem necessary or desirable in order to carry out
the purposes of this chapter, including, without limitation, credit and
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.  A governing body may
delegate the responsibility for any or all of the aforesaid determinations,
within limits prescribed by the governing body, to the director of finance. [L
1989, c 80, pt of §3; am L 2003, c 39, §1]