7-15-4322. Details relating to urban renewal bonds.
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/mt/title-7/chapter-15/part-43/7-15-4322·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-15-4322 . Details relating to urban renewal bonds.
(1)Bonds issued under 7-15-4301 may be issued in one or more series and must bear a date or dates, be payable upon demand or mature at a time or times, bear interest as provided in 17-5-102 , be in denomination or denominations, be in either coupon or registered form, carry conversion or registration privileges, have rank or priority, be executed in a manner, be payable in a medium of payment at a place or places, be subject to terms of redemption with or without premium, be secured in a manner, and have other characteristics as may be provided by the resolution, ordinance, or trust indenture or a mortgage authorized pursuant to the resolution, ordinance, or trust indenture.
(a)The bonds may be sold at not less than 97% of par, at public or private sale or may be exchanged for other bonds on the basis of par.
(b)The bonds may be sold to the federal government at private sale at not less than par, and if less than all of the authorized principal amount of the bonds is sold to the federal government, the balance may be sold at public or private sale at not less than 97% of par at an interest cost to the local government or municipality of not to exceed the interest cost of the portion of the bonds sold to the federal government.