13-1103. Bonds; restrictions; issuance; sale.

351 words·~2 min read·/ne/chapter-13/13-1103

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

(1)All bonds issued by a municipality or county under the authority of sections 13-1101 to 13-1110 shall be limited obligations of the municipality or county. Bonds and interest coupons, issued under the authority of sections 13-1101 to 13-1110 , shall not constitute nor give rise to a pecuniary liability of the municipality or county or a charge against its general credit or taxing powers. Such limitation shall be plainly stated upon the face of each of such bonds.

(2)Such bonds may

(a)be executed and delivered at any time and from time to time,

(b)be in such form and denominations,

(c)be of such tenor,

(d)be in registered or bearer form either as to principal or interest or both,

(e)be payable in such installments and at such time or times not exceeding thirty years from their date,

(f)be payable at such place or places,

(g)bear interest at such rate or rates, payable at such place or places, and evidenced in such manner,

(h)be redeemable prior to maturity, with or without premium, and

(i)contain such provisions not inconsistent with sections 13-1101 to 13-1110 , as shall be deemed for the best interest of the municipality or county and provided for in the proceedings of the governing body under which the bonds shall be authorized to be issued.

(3)The authorization, terms, issuance, execution, or delivery of such bonds shall not be subject to sections 10-101 to 10-126 .

(4)Such bonds may be sold at public or private sale in such manner and at such time or times as may be determined by the governing body to be most advantageous. The municipality or county may pay all expenses, premiums, and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale, and issuance thereof from the proceeds of the sale of the bonds or from the revenue of the projects.

(5)Such bonds and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.