§ 14-186-411 — Execution and sale of bonds

(a) Bonds provided for in this subchapter shall be issued in such amounts as may be necessary to provide sufficient funds to pay all costs of construction or acquisition, including engineering, legal, and other expenses, together with interest to a date not exceeding five (5) years. (b) (1) Bonds issued under the provisions of this subchapter are declared to be negotiable instruments. They shall be executed as provided in this subchapter and be sealed with the seal of each municipality or county joining in the undertaking. (2) In the event that any of the officers whose signatures appear on the bonds or coupons shall cease to be such officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes the same as if they had remained in office until the delivery. (c) (1) (A) Bonds authorized under the provisions of this subchapter may be sold at not less than ninety cents (90¢)on the dollar and the proceeds from them shall be used exclusively for the purposes for which the bonds are issued. (B) The bonds may be sold at one (1) time or in parcels as funds are needed and may be sold at private sale or public sale on such notice and in such manner as may be determined in the respective ordinances or order. (2) (A) A fiscal agent may be employed in the issuance and sale of the bonds, and he shall be entitled to such reasonable compensation as may be agreed upon. (B) No fiscal agent may purchase, directly or indirectly, any of the bonds while he serves in the capacity of fiscal agent.

Legislative History

Acts 1959, No. 310, § 5; 1967, No. 69, § 4; A.S.A. 1947, § 19-2736.