15-8-101. When authorized; conditions; signatures; sale; amountrequired.
(a) If any city or town creates any indebtedness not in excessof the taxes for the current year to pay expenses incurred in repairing orrestoring improvements made necessary by any casualty or accident happeningafter the annual appropriation is made, or if any judgment is rendered againstany city or town, or if any city or town has outstanding any other lawfulindebtedness, the governing body may pay, redeem, fund or refund that judgmentor indebtedness by issuing the negotiable coupon bonds of the city or town ifit can be done at a lower rate of interest, or to the profit and benefit of thecity or town.
(b) The bonds shall:
(i) Be in denominations as fixed by ordinance;
(ii) Be numbered from one (1) upward;
(iii) Be payable within thirty (30) years from the date of issue;
(iv) Bear interest at a rate designated by the governing body;and
(v) Be payable semiannually at the office of the city or towntreasurer, or at any other place designated by the governing body.
(c) The bonds may become due serially or be redeemable asspecified in the ordinance. They shall be signed by the mayor and countersignedby the clerk and the treasurer of the city or town and may be sold and disposedof in an amount sufficient for the purpose for which they were issued, asdetermined by the governing body. No bonds may be sold for less than their parvalue.
15-8-102. Register; contents; cancellation.
(a) The bonds shall be registered by the city or town treasurerin a book kept for that purpose. The register shall show:
(i) The date of issue;
(ii) The number;
(iii) The amount;
(iv) To whom the bonds were issued; and
(v) The date of redemption and payment.
(b) The treasurer shall cause the word "paid" to becut in the bond and coupon when they are paid.
15-8-103. Tax for interest and redemption.
Atax shall be levied and collected annually on all the taxable property withinthe city or town sufficient to pay the interest on the bonds and redeem them asthey become due. The tax shall be levied and collected the same as other taxesof the city or town.
15-8-104. Order of redemption.
Ifserial bonds are issued the city or town shall redeem them as they become due.If redeemable bonds are issued the city or town, during the last half of theterm the bonds have to run, shall redeem annually a portion of the principalequal to a sum produced by taking the whole amount of bonds outstanding anddividing it by the number of years the bonds then have to run.
15-8-105. Sale or exchange; consideration acceptable; proceeds;redemption notice.
Thebonds shall be sold for cash, or may be sold or exchanged for any other city ortown indebtedness for the redemption of which they were issued, but no bondsmay be sold or exchanged for less than their par value and the accrued interestat the time of disposal. No city or town indebtedness may be redeemed for morethan its face value and the interest due. If part of the bonds are sold formoney, the proceeds shall be applied exclusively toward the redemption of theindebtedness for which the bonds were issued. The treasurer of the city or townshall give notice of his readiness to redeem the indebtedness and that theinterest on it shall cease after thirty (30) days from the date of the notice.
15-8-106. Ordinance required.
Thegoverning body of any city or town desiring to issue bonds pursuant to thischapter shall provide for them by ordinance.
15-8-101. When authorized; conditions; signatures; sale; amountrequired.
(a) If any city or town creates any indebtedness not in excessof the taxes for the current year to pay expenses incurred in repairing orrestoring improvements made necessary by any casualty or accident happeningafter the annual appropriation is made, or if any judgment is rendered againstany city or town, or if any city or town has outstanding any other lawfulindebtedness, the governing body may pay, redeem, fund or refund that judgmentor indebtedness by issuing the negotiable coupon bonds of the city or town ifit can be done at a lower rate of interest, or to the profit and benefit of thecity or town.
(b) The bonds shall:
(i) Be in denominations as fixed by ordinance;
(ii) Be numbered from one (1) upward;
(iii) Be payable within thirty (30) years from the date of issue;
(iv) Bear interest at a rate designated by the governing body;and
(v) Be payable semiannually at the office of the city or towntreasurer, or at any other place designated by the governing body.
(c) The bonds may become due serially or be redeemable asspecified in the ordinance. They shall be signed by the mayor and countersignedby the clerk and the treasurer of the city or town and may be sold and disposedof in an amount sufficient for the purpose for which they were issued, asdetermined by the governing body. No bonds may be sold for less than their parvalue.
15-8-102. Register; contents; cancellation.
(a) The bonds shall be registered by the city or town treasurerin a book kept for that purpose. The register shall show:
(i) The date of issue;
(ii) The number;
(iii) The amount;
(iv) To whom the bonds were issued; and
(v) The date of redemption and payment.
(b) The treasurer shall cause the word "paid" to becut in the bond and coupon when they are paid.
15-8-103. Tax for interest and redemption.
Atax shall be levied and collected annually on all the taxable property withinthe city or town sufficient to pay the interest on the bonds and redeem them asthey become due. The tax shall be levied and collected the same as other taxesof the city or town.
15-8-104. Order of redemption.
Ifserial bonds are issued the city or town shall redeem them as they become due.If redeemable bonds are issued the city or town, during the last half of theterm the bonds have to run, shall redeem annually a portion of the principalequal to a sum produced by taking the whole amount of bonds outstanding anddividing it by the number of years the bonds then have to run.
15-8-105. Sale or exchange; consideration acceptable; proceeds;redemption notice.
Thebonds shall be sold for cash, or may be sold or exchanged for any other city ortown indebtedness for the redemption of which they were issued, but no bondsmay be sold or exchanged for less than their par value and the accrued interestat the time of disposal. No city or town indebtedness may be redeemed for morethan its face value and the interest due. If part of the bonds are sold formoney, the proceeds shall be applied exclusively toward the redemption of theindebtedness for which the bonds were issued. The treasurer of the city or townshall give notice of his readiness to redeem the indebtedness and that theinterest on it shall cease after thirty (30) days from the date of the notice.
15-8-106. Ordinance required.
Thegoverning body of any city or town desiring to issue bonds pursuant to thischapter shall provide for them by ordinance.
15-8-101. When authorized; conditions; signatures; sale; amountrequired.
(a) If any city or town creates any indebtedness not in excessof the taxes for the current year to pay expenses incurred in repairing orrestoring improvements made necessary by any casualty or accident happeningafter the annual appropriation is made, or if any judgment is rendered againstany city or town, or if any city or town has outstanding any other lawfulindebtedness, the governing body may pay, redeem, fund or refund that judgmentor indebtedness by issuing the negotiable coupon bonds of the city or town ifit can be done at a lower rate of interest, or to the profit and benefit of thecity or town.
(b) The bonds shall:
(i) Be in denominations as fixed by ordinance;
(ii) Be numbered from one (1) upward;
(iii) Be payable within thirty (30) years from the date of issue;
(iv) Bear interest at a rate designated by the governing body;and
(v) Be payable semiannually at the office of the city or towntreasurer, or at any other place designated by the governing body.
(c) The bonds may become due serially or be redeemable asspecified in the ordinance. They shall be signed by the mayor and countersignedby the clerk and the treasurer of the city or town and may be sold and disposedof in an amount sufficient for the purpose for which they were issued, asdetermined by the governing body. No bonds may be sold for less than their parvalue.
15-8-102. Register; contents; cancellation.
(a) The bonds shall be registered by the city or town treasurerin a book kept for that purpose. The register shall show:
(i) The date of issue;
(ii) The number;
(iii) The amount;
(iv) To whom the bonds were issued; and
(v) The date of redemption and payment.
(b) The treasurer shall cause the word "paid" to becut in the bond and coupon when they are paid.
15-8-103. Tax for interest and redemption.
Atax shall be levied and collected annually on all the taxable property withinthe city or town sufficient to pay the interest on the bonds and redeem them asthey become due. The tax shall be levied and collected the same as other taxesof the city or town.
15-8-104. Order of redemption.
Ifserial bonds are issued the city or town shall redeem them as they become due.If redeemable bonds are issued the city or town, during the last half of theterm the bonds have to run, shall redeem annually a portion of the principalequal to a sum produced by taking the whole amount of bonds outstanding anddividing it by the number of years the bonds then have to run.
15-8-105. Sale or exchange; consideration acceptable; proceeds;redemption notice.
Thebonds shall be sold for cash, or may be sold or exchanged for any other city ortown indebtedness for the redemption of which they were issued, but no bondsmay be sold or exchanged for less than their par value and the accrued interestat the time of disposal. No city or town indebtedness may be redeemed for morethan its face value and the interest due. If part of the bonds are sold formoney, the proceeds shall be applied exclusively toward the redemption of theindebtedness for which the bonds were issued. The treasurer of the city or townshall give notice of his readiness to redeem the indebtedness and that theinterest on it shall cease after thirty (30) days from the date of the notice.
15-8-106. Ordinance required.
Thegoverning body of any city or town desiring to issue bonds pursuant to thischapter shall provide for them by ordinance.
