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

(b)  The revenue bonds, subject to the provisoto this paragraph shall, bear interest at such rate or rates payable at suchtime or times, may be in one or more series, may bear such date or dates, maymature at such time or times not exceeding thirty years from their respectivedates, 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 ofredemption, to being tendered for purchase or to being purchased prior to theirstated maturity at the option of the county, the holder or either or both, maycontain such terms, covenants, and conditions, and may be in such form, eithercoupon or registered, as the resolution and subsequent resolutions may provide;provided that notwithstanding the foregoing the governing body may provide fordeeply discounted revenue bonds which do not bear interest but which aresubject to redemption or retirement at their accreted value provided that thediscounted value of the revenue bonds shall not exceed ten per cent of anyseries of revenue bonds.

(c)  The governing body shall determine thedate, denomination or denominations, interest payment dates, maturity date ordates, place or places of payment, registration privileges and place or placesof registration, redemption price or prices and time or times and terms andconditions and method of redemption, the rights of the holder to tender forpurchase and the price or prices and time or times and terms and conditionsupon which the rights might be exercised, the rights to purchase and the priceor prices and the time or times and terms and conditions upon which the rightsmight be exercised and the purchase may be made, and all other details ofrevenue bonds issued under this part.  The governing body may also determine toacquire such policies of insurance and enter into such banking arrangements onsuch terms as the county may deem necessary or desirable in order to carry outthe purposes of this chapter, including, without limitation, credit andliquidity support facilities and interest rate swaps, swaptions, interest ratefloors or caps, and other similar contracts to hedge or reduce the amount orduration of payment, rate, spread or similar risk or to reduce the cost ofborrowing when used in conjunction with the bonds.  A governing body maydelegate the responsibility for any or all of the aforesaid determinations,within limits prescribed by the governing body, to the director of finance. [L1989, c 80, pt of §3; am L 2003, c 39, §1]