§ 1809. Bond form; signatures; maturity; manner of sale.
203 words·~1 min read·
/de/title-22/chapter-18-special-development-districts/1809A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)All bonds shall be in fully registered form. — Each of the bonds shall be deemed to be a security as defined in § 8-102 of Title 6, whether or not it is either 1 of a class or series or by its terms is divisible into a class or series of instruments.
(b)All bonds shall be signed manually or in facsimile by the chief executive officer of the municipality, and the seal of the municipality shall be affixed to the bonds and attested by the clerk or other similar administrative officer of the municipality. If any officer whose signature or countersignature appears on the bonds ceases to be such officer before delivery of the bonds, the officer’s signature or countersignature shall nevertheless be valid and sufficient for all purposes the same as if the officer had remained in office until delivery.
(c)All bonds shall mature not later than 30 years from their date of issuance.
(d)All bonds shall be sold in the manner, either at public or private sale, and upon the terms, as the governing body of the municipality deems best. Any contract for the acquisition of property may provide that payment shall be made in bonds.