(1)After the expiration of thirty days from the
effective date of the resolution levying the assessments, the governing body may
borrow money and issue negotiable interest-bearing bonds in a principal amount
not exceeding the unpaid balance of the assessments levied. The bonds shall be
authorized by resolution of the governing body. The resolution shall prescribe the
form of said bonds, the manner of their execution, which may be effected by the
use of the facsimile signatures of the officers of the governing body in accordance
with the laws of the state in effect at the time of their execution, shall provide for
the terms thereof, including the maximum net effective interest rate for the issue of
bonds, and may direct that the bonds shall be sold at public or private sale at or
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(1) After the expiration of thirty days from the
effective date of the resolution levying the assessments, the governing body may
borrow money and issue negotiable interest-bearing bonds in a principal amount
not exceeding the unpaid balance of the assessments levied. The bonds shall be
authorized by resolution of the governing body. The resolution shall prescribe the
form of said bonds, the manner of their execution, which may be effected by the
use of the facsimile signatures of the officers of the governing body in accordance
with the laws of the state in effect at the time of their execution, shall provide for
the terms thereof, including the maximum net effective interest rate for the issue of
bonds, and may direct that the bonds shall be sold at public or private sale at or
below par. The bonds shall not be sold at a price such that the net effective interest
rate of the issue of bonds exceeds the maximum net effective interest rate
authorized.
(2) The governing body shall prescribe other details in connection with the
issue of bonds. The bonds so authorized shall mature serially over a period of not
exceeding twenty years, but in no event shall such bonds extend over a longer
period of time than the period of time over which such installments of special
assessments are due and payable and ninety days thereafter.
(3) The bonds shall be of such form and denomination and shall be payable in
principal and interest at such times and place, and shall be sold, authorized, and
issued in such manner as the governing body may determine. The bonds shall be
dated no earlier than the date on which the special assessment shall begin to bear
interest, and shall be secured by and payable from the irrevocable pledge and
dedication of the funds derived from the levy and collection of the special
assessments in anticipation of the collection of which they are issued. Said
resolution and bonds may also include such other terms or recitals which, in the
judgment of the governing body, are necessary or proper to render the same
marketable.
(4) Any premium received on the sale of the bonds may be applied as other
bond proceeds or if not so applied, the same shall be placed in the fund for the
payment of principal of and interest on the bonds. The bonds shall be callable for
redemption from the proceeds of the sale of any property sold for the nonpayment
of special assessments, but not otherwise unless the bonds on the face thereof
provide for redemption prior to maturity. The governing body may provide that the
bonds shall be redeemable on any interest payment date prior to maturity pursuant
to such notice and at such premiums as it deems advisable. Interest may be
evidenced by interest coupons attached to such bonds and signed with a facsimile
signature, as above provided, of one of the individuals who signed the bonds.
(5) In connection with the issuance of bonds payable solely from special
assessments, the governing body may provide for the submission of the question of
issuing such bonds to the registered electors eligible to vote on the question. For
local improvement districts created by the governing body of any county pursuant
to this article, the governing body may provide that all registered electors of the
county shall be eligible to vote on the question or that only registered electors who
are owners of property within or residents of the district shall be eligible to vote.
For local improvement districts created by the governing body of any city or town
pursuant to this article, the governing body may provide that all registered electors
of the city or town shall be eligible to vote on the question or that only registered
electors who are owners of property within or residents of the district shall be
eligible to vote.
(6) In connection with the issuance of bonds payable from special
assessments which are additionally secured by a pledge of any other funds of the
county, city, or town, the governing body may provide for the submission of the
question of issuing the bonds to all registered electors of the county, city, or town.