3-33-41. Improvement district; ordinance for refunding bonds;
216 words·~1 min read·
/nm/chapter-3-municipalities/article-33-improvement-districts/3-33-41·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
conditions; sale or exchange.
A. The ordinance authorizing the issuance of refunding bonds for an improvement district shall describe the:
(1)details of the issue;
(2)form of the refunding bonds and interest coupons, if any;
(3)fund from which the principal and interest of the refunding bonds will be paid; and
(4)manner in which the bonds are to be issued.
B. The refunding bonds may:
(1)be issued in an amount less than, equal to or greater than the principal amount of improvement district bonds being refunded;
(2)not bear a rate of interest greater than the rate of interest borne by the assessments providing security for the refunding bonds if secured by assessments;
(3)become due and payable in regular numerical order;
(4)not be issued for a period of more than twenty years from the date of issuance; and
(5)be payable from substitute security or from the same funds that were applicable to the payment of the bonds being refunded.
C. The refunding bonds may be:
(1)sold at a public or private sale at a discount; or
(2)exchanged, dollar for dollar, for the improvement district bonds being refunded.
History: 1953 Comp., § 14-32-36, enacted by Laws 1965, ch. 300; 1983, ch. 265, § 9; 1991, ch. 199, § 28.