(a)(1) A municipality may not issue bonds that mature later than 40 years after the date of issue.
(2)A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue.
(b)A municipality may issue bonds and tax anticipation notes only for cash.
(c)A municipality may not sell bonds or tax anticipation notes at less than par value.
(d)(1) If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question.
(2)If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election.
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(a) (1) A municipality may not issue bonds that mature later than 40 years after the date of issue.
(2) A municipality may not issue tax anticipation notes that mature later than 18 months after the date of issue.
(b) A municipality may issue bonds and tax anticipation notes only for cash.
(c) A municipality may not sell bonds or tax anticipation notes at less than par value.
(d) (1) If the charter of a municipality requires a referendum on the issuance of municipal bonds, the bonds may be issued only if the bonds are approved by a majority of voters voting on the question.
(2) If the referendum fails, another referendum may not be held on the question of issuing bonds for the same public purpose until 1 year after the election.
(e) A municipality may not sell bonds unless the municipality:
(1) solicits competitive bids at a public sale; and
(2) publishes notice of the bond sale:
(i) in the form required by the resolution or ordinance;
(ii) in a newspaper of general circulation in the municipality and any other publication that is specified in the resolution or ordinance; and
(iii) two times over a period of at least 10 days before the date specified for the bond sale.