Issuance of Bonds.
(a)Each municipality or
joint agency is hereby authorized to issue at one (1) time, or from time
to time, its bonds for the purpose of paying all or any part of the cost of
any of the purposes authorized by this chapter including, without
limitation, the funding or refunding of the principal, interest or other
obligation on any bonds issued by the municipality or joint agency
whether or not such bonds to be funded or refunded have or have not
become due, the establishment or increase of reserves to secure or to
pay such bonds, the provision of working capital and the payment of all
other costs or expenses incident to and necessary or convenient to carry
out the purposes and powers authorized by this chapter. The principal
of, premium, if any, and the interest on these b
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Issuance of Bonds. (a) Each municipality or
joint agency is hereby authorized to issue at one (1) time, or from time
to time, its bonds for the purpose of paying all or any part of the cost of
any of the purposes authorized by this chapter including, without
limitation, the funding or refunding of the principal, interest or other
obligation on any bonds issued by the municipality or joint agency
whether or not such bonds to be funded or refunded have or have not
become due, the establishment or increase of reserves to secure or to
pay such bonds, the provision of working capital and the payment of all
other costs or expenses incident to and necessary or convenient to carry
out the purposes and powers authorized by this chapter. The principal
of, premium, if any, and the interest on these bonds shall be payable
solely from the revenues and other available funds of the issuer pledged
or specified for their payment in accordance with this chapter. The
bonds of each issue shall bear interest at a rate or rates determined by
the issuer and shall not be subject to any other law of this state limiting
the same. The bonds of each issue shall be dated and shall mature in
amounts and at a time or times, not exceeding fifty (50) years from
their respective date or dates, as may be determined by the governing
body of the issuer. The bonds of each issue may be made redeemable
before maturity at a price or prices, and under terms and conditions, as
may be fixed by the governing body of the issuer prior to issuance of
the bonds. The governing body of the issuer shall determine the form
and manner of execution of the bonds, including any interest coupons
to be attached, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal and interest,
which may be at any bank or trust company within or without the state,
provided that at least one (1) place of payment is within the state. In
case any officer whose signature, or a facsimile of whose signature,
appears on any bonds or coupons shall cease to hold that office before
the delivery of his bond, that signature or facsimile shall nevertheless
be valid and sufficient for all purposes as if he had remained in office
until delivery. The governing body of the issuer may also provide for
the authentication of the bonds by a trustee or fiscal agent. The bonds
may be issued in coupon or in fully registered form, or both, as the
governing body of the issuer may determine, and provisions may be
made for the registration of any coupon bonds as to principal alone and
also as to both principal and interest, and for the reconversion into
coupon bonds of any bonds registered as to both principal and interest,
and for the interchange of registered and coupon bonds. The bonds of
each issue, issued by a joint agency, shall be sold either by public or
negotiated sale at such price as may be determined by the joint agency.
(b) The proceeds of the bonds of each issue shall be used solely for
the purposes for which such bonds have been issued, and shall be
disbursed in such manner and under such restrictions, if any, as the
governing body of the issuer may provide in the resolution authorizing
the issuance of those bonds or in any trust agreement securing the
bonds. The municipality or joint agency may issue interim receipts or
temporary bonds, with or without coupons, exchangeable for definitive
bonds when those bonds have been executed and are available for
delivery. The municipality or joint agency may also provide for
replacement of any bonds which have become mutilated, destroyed, or
lost.
(c) Except as provided in section 19 of this chapter, bonds may be
issued under the provisions of this chapter without obtaining the
consent of the state or of any political subdivision, or of any agency,
commission or instrumentality of either of them, and without any other
approvals, proceedings or the happening of any conditions or things
other than those approvals, proceedings, conditions or things
specifically required by this chapter, and provisions of the resolution
authorizing the issuance of the bonds or the trust agreement securing
them.
As added by Acts 1980, P.L.68, SEC.1.