(a)Said bonds shall be issued in denominations
of one thousand dollars ($1,000) each, except that one (1) bond may be
for less than one thousand dollars ($1,000), and all shall be made
payable to bearer at some designated bank in the state of Indiana and
shall bear interest at any rate, payable semiannually. Said bonds shall
be numbered in consecutive, numerical order and shall be so issued as
to the maturity dates thereof that one-thirtieth part, as nearly as
practicable, of all said bonds shall become due and be payable on the
first day of December following the time allowed by law for the
collection of the first tax levied for use in paying said bonds and the
interest thereon, and a like amount of said bonds shall thereafter
become due each year and on the same date each year until all
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(a) Said bonds shall be issued in denominations
of one thousand dollars ($1,000) each, except that one (1) bond may be
for less than one thousand dollars ($1,000), and all shall be made
payable to bearer at some designated bank in the state of Indiana and
shall bear interest at any rate, payable semiannually. Said bonds shall
be numbered in consecutive, numerical order and shall be so issued as
to the maturity dates thereof that one-thirtieth part, as nearly as
practicable, of all said bonds shall become due and be payable on the
first day of December following the time allowed by law for the
collection of the first tax levied for use in paying said bonds and the
interest thereon, and a like amount of said bonds shall thereafter
become due each year and on the same date each year until all become
due and payable.
(b) Said bonds shall be issued and otherwise executed as the bonds
of such county, shall be the bonds of and a direct obligation of such
county, shall be signed by its board of county commissioners and
sealed with the corporate seal of said county and attested by the county
auditor of such county; but the lithograph signature of the auditor of
such county shall be the only signature required upon the interest
coupons attached to said bonds.
(c) Such bonds, or any part thereof, shall be subject to call and
redemption by such county at any semiannual interest payment date
after the expiration of five (5) years from the date of issue, and from
time to time thereafter before maturity, at the par value thereof plus
accrued interest, at the election of the board of county commissioners
of such county.
(d) If said board of county commissioners shall determine to redeem
any of said bonds prior to maturity, such bonds shall be redeemed in
their numerical order and notice of such election to redeem prior to
maturity shall be given by two (2) publications, one (1) each week and
on the same day of each week, in two (2) newspapers of general
circulation, printed in the English language and published, one (1) at
the city of Indianapolis and the other at the county seat of the county by
which said bonds were issued, which publications shall be completed
at least ten (10) days prior to the interest paying date on which any of
said bonds are called for redemption. Said notice shall state the number
or numbers of the bonds so called for redemption prior to maturity and
otherwise identify and make certain the bonds so to be redeemed, and
the bonds so called for redemption shall be redeemed and paid by such
county at the time and place designated in such notice.
(e) If the bonds so called for redemption are not surrendered or
tendered by the holders thereof for redemption at the time and place
designated in said notice, such bonds shall not thereafter bear any
interest, provided the county has on deposit at the time and place
designated sufficient funds to redeem and pay such bonds, together
with the accrued interest thereon.
Formerly: Acts 1927, c.10, s.5. As amended by Acts 1981,
P.L.11, SEC.55.