§ 5-1-6-5 — Terms and covenants of refunding bonds; negotiability

The refunding bonds may be issued in one (1) or
more series, may bear such date or dates, may mature at such time or
times not exceeding forty (40) years from their respective dates, may
bear interest at any rate, payable annually or at shorter intervals, may
be in such denomination or denominations, may be in such form, either
coupon or registered, may carry such registration and conversion
privileges, may be executed in such manner, may be payable in such
medium of payment, at such place or places, may be subject to such
terms of redemption, with or without a premium, may be declared or
become due before the maturity date, may provide for the replacement
of mutilated, destroyed, stolen, or lost bonds, may be authenticated in
such manner and upon compliance with such conditions, and may
contain such other terms and covenants, as may be provided by
ordinance or resolution of the governing body. Notwithstanding the
form or tenor, and in the absence of an express recital on the face
thereof that the bond is nonnegotiable, all refunding bonds shall at all
times be, and shall be treated as, and have all the qualities and
incidents of negotiable instruments for all purposes.
[Pre-Local Government Recodification Citation:
19-8-7-5.]
As added by Acts 1980, P.L.8, SEC.10.