§ 36-9-36-46 — Bonds; maturation; interest rate

(a) The works board may provide in the
preliminary resolution that the bonds issued in anticipation of the
collection of the assessments shall be issued so as to mature not less
than ten (10) years and not more than thirty (30) years from the date of
issuance.
(b) The interest on the bonds shall be payable semiannually from the
date of issue. The works board shall fix the rate of interest on the bonds
issued.
(c) Bonds issued in the manner described in subsection (a) shall
mature serially, so that some bonds mature each year until the final
maturity date of the issue is reached. The terms of the bonds may allow
early redemption of the bonds in the event of and to the extent of
prepayment of the assessments in anticipation of which the bonds were
issued.
(d) The works board must issue the bonds to mature as provided
under subsection (c) if a petition requesting the bonds to mature in that
manner is filed by a majority of the resident property owners affected
by the improvement not later than sixteen (16) days after the resolution
is first published.

Legislative History

As added by P.L.98-1993, SEC.7. Amended by P.L.62-2001, SEC.3.