§ 16-23-1-36 — Bonds; terms; security

(a) The ordinance specified in section 35 of
this chapter shall provide for the following:
(1) The issuance, sale, execution date, and principal of each bond
to be issued.
(2) The number of bonds and the aggregate principal of the bond
issue.
(3) The payment of interest on the bonds annually or
semiannually.
(4) A maturity date that is within twenty-five (25) years from the
date of execution of the bonds.
(5) Any other terms authorized or required by statute.
(b) The city fiscal body also shall pledge the full faith and credit of
the city, with the city's taxable property, to the redemption of the bonds
on the respective maturity dates of the bonds and to the payment of all
interest becoming due on the bonds.
[Pre-1993 Recodification Citations: 16-12.2-5-25(c);
16-12.2-5-26.]

Legislative History

As added by P.L.2-1993, SEC.6.