§47-7 Details of bonds.

491 words·~2 min read·/hi/chapter-47/47-7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The director of finance of the county, upon authorization of its governing body, may issue from time to time and in accordance with this chapter, bonds of the county authorized for issuance by the governing body thereof. All bonds issued under authority of this chapter:

(1)Shall bear interest at a rate or rates not exceeding a rate or rates established by ordinance enacted by the governing body of the county payable at such time or times;

(2)Shall mature and be payable at such time or times from the date of the issue thereof as will comply with the provisions of the Constitution of the State;

(3)May be made payable as to both principal and interest at such place or places and in such manner within and without the State;

(4)May be issued in coupon form without privilege of registration or registrable as to principal only or as to both principal and interest or in fully registrable form without coupons;

(5)May be made registrable at such place or places within and without the State; and

(6)May be subject to redemption, to being tendered for purchase or to being purchased prior to their stated maturity at the option of the county, the holder or either or both.

(b)Unless the governing body shall itself perform the actions, the director of finance shall determine:

(1)The date, denomination or denominations, interest payment dates, maturity date or dates, place or places of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption;

(2)The rights of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which those rights may be exercised;

(3)The rights to purchase and price or prices and the time or times and terms and conditions upon which those rights may be exercised and the purchase may be made;

(4)Whether to acquire such policies of insurance and enter into such banking arrangements on such terms as the director of finance may deem necessary or desirable in order to carry out the purposes of this chapter, including, without limitation, credit or liquidity support facilities and interest rate swaps, swaptions, interest rate floors or caps and other similar contracts to hedge or reduce the amount or duration of payment, rate, spread or similar risk or to reduce the cost of borrowing when used in conjunction with the bonds; and

(5)All other details of bonds issued under this chapter.

The principal of and interest and premium, if any, on all bonds issued under this chapter shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. [L 1989, c 80, pt of §2; am L 2003, c 38, §1]