§505. Authorization, sale, execution, and registration of bonds
A.Each governing authority shall have authority to adopt all proceedings necessary
for the authorization, sale, and delivery of bonds, including the right to enter into all
contractual arrangements as may be necessary to effectuate the purpose for which the bonds
are being issued upon terms determined by the governing authority. Bonds issued under this
Part may be issued by either resolution or ordinance, unless the use of a resolution or the use
of an ordinance is specifically required by law or home rule charter.
B.Bonds issued under this Part may be sold at a public or private sale upon such
terms, in the manner and by following such procedures as may be determined by the
governing authority of the governmental entity. No
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§505. Authorization, sale, execution, and registration of bonds
A. Each governing authority shall have authority to adopt all proceedings necessary
for the authorization, sale, and delivery of bonds, including the right to enter into all
contractual arrangements as may be necessary to effectuate the purpose for which the bonds
are being issued upon terms determined by the governing authority. Bonds issued under this
Part may be issued by either resolution or ordinance, unless the use of a resolution or the use
of an ordinance is specifically required by law or home rule charter.
B. Bonds issued under this Part may be sold at a public or private sale upon such
terms, in the manner and by following such procedures as may be determined by the
governing authority of the governmental entity. No bond issued under this Part shall be
required to be registered with the secretary of state or any other office or official.
C. Bonds issued under this Part may be secured additionally by credit enhancement,
or be entitled to the benefits of a financial products agreement, the cost of which, upon a
finding of benefit therefrom by the governing authority, may be paid from the proceeds of
the bonds or other lawfully available funds. Bonds may also be secured by a trust agreement
or trust indenture by and between the governmental entity and one or more corporate trustees.
D. In addition to the foregoing, the proceedings authorizing the issuance of bonds
may provide that such bonds will be of such series, bear such date or dates, mature at such
time or times, bear interest at such rate or rates payable at such times, be in such
denominations, be in such form, carry such registration and exchangeability privileges, be
payable in such medium and at such place or places within or without the state, be subject
to such terms of prepayment or redemption, be entitled to such priorities on the pledged
taxes, revenues, or other source of security, as such proceedings may provide. Bonds shall
be executed in the name of the governmental entity by the manual or facsimile signatures of
such official or officials of the governmental entity designated by the governing authority in
said proceedings. At least one signature on each bond shall be a manual signature, which
manual signature may be an authenticating signature by a designated bank or other financial
institution or person, and facsimile signatures may be used in the manner provided by law.
The seal, or a facsimile thereof, of the governmental entity may, but is not required to be
affixed, imprinted, engraved, or otherwise reproduced upon each bond. The delivery of any
bonds so executed at any time thereafter shall be valid, although before the date of delivery,
any person or persons signing the bonds shall cease to hold office.