12-5224.   Bonds; adoption of ordinance; interest rate;terms and conditions.The exercise of any or all powers granted by this act shall be authorizedand the bonds shall be authorized to be issued under this act for the purposesset forth in this act, by an ordinance or resolution adopted by the governingbody of a city or county and shall take effect immediately upon adoptionand publication once in the official newspaper of such city or county. Anysuch ordinance or resolution shall set forth a finding and declaration (a)of the public purpose therefor; and (b) that such ordinance or resolutionis adopted pursuant to this act, which finding and declaration shall beconclusive evidence of the existence and sufficiency of the public purposeand of the power to carry out and give effect to such public purposes.

      The bonds shall bear interest at such rate or rates, may be payable atsuch times, may be in one or more series, may bear such date or dates, maymature at such time or timesnot exceeding 40 years from their respective dates, may be payable in suchmedium of payment at such place or places, may carry such registration privileges,may be subject to such terms of redemption at such premiums, may be executedin such manner, may contain such terms, covenants and conditions and maybe in such form, either coupon or registered, as the governing body shallprovide. The bonds may be sold at public or private sale, in such manner,at such prices and uponsuch terms as maybe authorized by the governing body. Pending the preparation of definitivebonds, interim receipts or certificates in such form and with such provisionsas may be authorized by the governing body,may be issued to the purchaser or purchasers of bonds sold pursuant to thisact. The bonds and interim receipts or certificates shall be deemed tobe securities and negotiable instruments within the meaning and for allpurposes of the uniform commercial code.

      History:   L. 1982, ch. 60, § 6; L. 1983, ch. 71, § 4; May 5.