§ 40-36-05 — Provisions governing issuance of refunding bonds

The resolution of the governing body authorizing the issuance of refunding bonds may
provide:
1. Whether the bonds shall be in one or more series;
2. The date or dates which such bonds shall bear;
3. The time or times, not exceeding the period of usefulness of the enterprise as
determined by the governing body in its discretion but not exceeding in any event forty
years from their respective dates, when such bonds shall mature;
4. The rate or rates of interest which such bonds shall bear;
5. The denomination or denominations in which such bonds shall be issued;
6. The form, either coupon or registered, in which such bonds shall be issued;
7. Whether or not such bonds shall carry registration or conversion privileges, and what
such privileges, if any, shall be;
8. The manner in which such bonds shall be executed;
9. The medium in which such bonds shall be payable;
10. The place or places where such bonds shall be payable;
11. The terms of redemption, if any, to which such bonds shall be subject, and the
premium, if any, which will be paid in case of a redemption;
12. That such bonds may be declared or may become due before the maturity date
thereof;
13. For the replacement of mutilated, destroyed, stolen, or lost bonds;
14. For the authentication of such bonds and the conditions, if any, to be complied with
before authentication thereof; and
15. Such other terms and covenants, if any, which such bonds shall contain.
Notwithstanding the form or tenor of such bonds, and in the absence of an express recital on
the face thereof that the bond is non-negotiable, all refunding bonds shall be treated as
negotiable instruments for all purposes.