7-10-219. Details relating to revenue bonds.

167 words·~1 min read·/mt/title-7/chapter-10/part-2/7-10-219

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

7-10-219 . Details relating to revenue bonds.

(1)Bonds authorized to be issued under this part:

(a)must bear interest at a rate or rates not exceeding the limitation of 17-5-102 ;

(b)may be issued in one or more series;

(c)may bear a date or dates;

(d)may mature at a time or times not exceeding 40 years from their respective dates of issue;

(e)may be payable in a place or places;

(f)may carry registration privileges;

(g)may be subject to terms of redemption;

(h)may be executed;

(i)may contain terms, covenants, and conditions; and

(j)may be in coupon or registered form, as provided by the initial resolution or subsequent resolutions.

(2)The regional resource authority may fix the minimum price for the bonds in an amount less than the principal amount of the bonds but not less than 97% of the principal amount if it determines that a sale at that price is in the best interests of the project.