3-52-7. Terms of bonds.
154 words·~1 min read·
/nm/chapter-3-municipalities/article-52-municipal-transit/3-52-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The ordinance authorizing issuance of bonds shall specify:
(1)issuance in any number of series;
(2)maturity dates;
(3)interest not exceeding six percent a year;
(4)denominations;
(5)form, either coupon or registered;
(6)conversion or registration privileges;
(7)rank or priority;
(8)manner of execution;
(9)if desirable, features of redemption, prior to maturity with or without premium; and
(10)the terms, manner and medium of payment and redemption.
B. No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the sources allowed by the governing body as specified in the authorizing ordinance. No bond is a debt, liability or general obligation of the issuing municipality.
C. The terms prescribed by the authorizing ordinance and by this section shall be carried on the face of each bond.
History: 1953 Comp., § 14-53-7, enacted by Laws 1965, ch. 300.