§ 36-9-37-28 — Bonds; contents; issuance; denominations

(a) When property owners have elected to
pay special assessments for a public improvement in installments, the
bonds issued in anticipation of the collection of those assessments must
bear the date of the final acceptance of the improvement by the
municipal works board. The bonds begin to bear interest on this date
at a rate determined by the works board.
(b) Except as provided in subsection (d), the bonds may be issued
in any denomination.
(c) Except as provided in subsection (d), the municipal fiscal officer
shall choose the denomination that the municipal fiscal officer finds
appropriate for the following:
(1) The circumstances of the particular improvement project.
(2) The efficient administration of the municipal fiscal officer's
office.
(d) The last bond in a series need not be issued in a denomination
of a multiple of one hundred dollars ($100) if the total cost of the
particular improvement project for which the series is issued is not an
exact multiple of one hundred dollars ($100).

Legislative History

As added by P.L.98-1993, SEC.8.