1. Any assessment bonds:
(a)Must bear such date or dates;
(b)Must mature in such denomination or denominations at such time or times, but in no event commencing later than 3 years nor exceeding 30 years after their date;
(c)Must bear interest payable at such intervals, but not less often than annually;
(d)Must be payable in such medium of payment at such place or places within and without the State, including, but not limited to, the office of the county treasurer; and
(e)At the option of the governing body, may be made subject to prior redemption in advance of maturity, in such order or by lot or otherwise, at such time or times, without or with the payment of a premium or premiums not exceeding 5 percent of the principal amount of each bond so redeemed,
Ê as provided by ordinance.
2
Free access — add to your briefcase to read the full text and ask questions with AI
1. Any assessment bonds:
(a) Must bear such date or dates;
(b) Must mature in such denomination or denominations at such time or times, but in no event commencing later than 3 years nor exceeding 30 years after their date;
(c) Must bear interest payable at such intervals, but not less often than annually;
(d) Must be payable in such medium of payment at such place or places within and without the State, including, but not limited to, the office of the county treasurer; and
(e) At the option of the governing body, may be made subject to prior redemption in advance of maturity, in such order or by lot or otherwise, at such time or times, without or with the payment of a premium or premiums not exceeding 5 percent of the principal amount of each bond so redeemed,
Ê as provided by ordinance.
2. Bonds may be issued with privileges for registration for payment as to principal, or both principal and interest, and the bonds may provide for the endorsing of payments of interest thereon. The bonds generally must be issued in such manner, in such form, with such recitals, terms, covenants and conditions, with such provisions for conversion into bonds of other denominations, and with such other details, as may be provided by the governing body in the ordinance or ordinances authorizing the bonds, except as herein otherwise provided.
3. Pending preparations of the definitive bonds, interim or temporary bonds, in such form and with such provisions as the governing body may determine, may be issued.
4. Except for payment provisions herein expressly provided, the bonds and such interim or temporary bonds must be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code—Negotiable Instruments and the Uniform Commercial Code—Investment Securities.
5. Notwithstanding any other provisions of law, the governing body, in any proceedings authorizing bonds hereunder, may:
(a) Provide for the initial issuance of one or more bonds, in this subsection called “bond,” aggregating the amount of the entire issue or any portion thereof.
(b) Make such provision for installment payments of the principal amount of any such bond as it may consider desirable.
(c) Provide for the making of any such bond payable to bearer or otherwise, registrable as to principal, or as to both principal and interest, and for the endorsing of payments of interest on such bond.
(d) Make provision in any such proceedings for the manner and circumstances in and under which any such bond may in the future, at the request of the holder thereof, be converted into bonds of larger or smaller denominations.
6. Any bonds may be issued hereunder with provisions for their reissuance, and the terms and conditions thereof, whether lost, apparently destroyed, wrongfully taken, or for any other reason, as provided in the Uniform Commercial Code—Investment Securities, or otherwise.
7. Any bond must be executed in the name of and on behalf of the municipality and signed by the mayor, chair or other presiding officer of the governing body, countersigned by the treasurer of the municipality, with the seal of the municipality affixed thereto and attested by the clerk.
8. Any bond may be executed as provided in the Uniform Facsimile Signatures of Public Officials Act.
9. The bonds bearing the signatures of the officers in office at the time of the signing thereof are the valid and binding obligations of the municipality, notwithstanding that before the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon have ceased to fill their respective offices.
10. Any officer herein authorized or permitted to sign any bond, at the time of its execution and of the execution of a signature certificate, may adopt as and for the officer’s own facsimile signature the facsimile signature of his or her predecessor in office in the event that such facsimile signature appears upon the bond.