§ 55-7-39. Details of bonds; execution and sale of bonds.
Any such bonds authorized by Section 55-7-33 shall be authorized by a resolution adopted by the bridge and park commission, shall bear interest at such rate or rates, not exceeding, however, six percent (6%) per annum, shall be in such denomination or denominations, shall be payable both as to principal and interest at such place or places and shall mature at such time or times not exceeding forty (40) years from the date thereof, all as may be provided by such resolution. If so specified in such resolution, such bonds may be redeemable prior to their respective maturities with or without premium and on such notice as shall be provided for by such resolution. Such bonds may be sold at public or private sale for such price or prices as the commission shall determine, provided the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed six percent (6%) per annum. If any such bonds are sold at less than par, then the price to be paid therefor shall be such that the interest cost to the commission on the money actually received for such bonds shall not exceed six percent (6%) per annum computed to their absolute maturity according to standard bond value tables. Such bonds shall be executed in such a manner as may be directed in the resolution which authorized the bonds. Interest coupons to be attached to such bonds may be executed by facsimile signatures.
Sources: Codes, 1942, § 5974-07; Laws, 1960, ch. 434, § 7; Laws, 1962, ch. 216, § 4, eff from and after passage (approved June 1, 1962).
§ 55-7-39. Details of bonds; execution and sale of bonds.
Any such bonds authorized by Section 55-7-33 shall be authorized by a resolution adopted by the bridge and park commission, shall bear interest at such rate or rates, not exceeding, however, six percent (6%) per annum, shall be in such denomination or denominations, shall be payable both as to principal and interest at such place or places and shall mature at such time or times not exceeding forty (40) years from the date thereof, all as may be provided by such resolution. If so specified in such resolution, such bonds may be redeemable prior to their respective maturities with or without premium and on such notice as shall be provided for by such resolution. Such bonds may be sold at public or private sale for such price or prices as the commission shall determine, provided the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed six percent (6%) per annum. If any such bonds are sold at less than par, then the price to be paid therefor shall be such that the interest cost to the commission on the money actually received for such bonds shall not exceed six percent (6%) per annum computed to their absolute maturity according to standard bond value tables. Such bonds shall be executed in such a manner as may be directed in the resolution which authorized the bonds. Interest coupons to be attached to such bonds may be executed by facsimile signatures.
Sources: Codes, 1942, § 5974-07; Laws, 1960, ch. 434, § 7; Laws, 1962, ch. 216, § 4, eff from and after passage (approved June 1, 1962).
§ 55-7-39. Details of bonds; execution and sale of bonds.
Any such bonds authorized by Section 55-7-33 shall be authorized by a resolution adopted by the bridge and park commission, shall bear interest at such rate or rates, not exceeding, however, six percent (6%) per annum, shall be in such denomination or denominations, shall be payable both as to principal and interest at such place or places and shall mature at such time or times not exceeding forty (40) years from the date thereof, all as may be provided by such resolution. If so specified in such resolution, such bonds may be redeemable prior to their respective maturities with or without premium and on such notice as shall be provided for by such resolution. Such bonds may be sold at public or private sale for such price or prices as the commission shall determine, provided the interest cost to maturity of the money received from any issue of said bonds or other obligations shall not exceed six percent (6%) per annum. If any such bonds are sold at less than par, then the price to be paid therefor shall be such that the interest cost to the commission on the money actually received for such bonds shall not exceed six percent (6%) per annum computed to their absolute maturity according to standard bond value tables. Such bonds shall be executed in such a manner as may be directed in the resolution which authorized the bonds. Interest coupons to be attached to such bonds may be executed by facsimile signatures.
Sources: Codes, 1942, § 5974-07; Laws, 1960, ch. 434, § 7; Laws, 1962, ch. 216, § 4, eff from and after passage (approved June 1, 1962).
