§ 59-122-70 — Issuance of bonds.

The board shall adopt resolutions providing for the issuance of bonds of The Citadel, which prescribe the tenor, terms, and conditions of the bonds. The bonds may be issued as serial or term bonds, maturing in equal or unequal amounts, at such times, and on such occasions as the board may determine. If any bonds are issued as term bonds, a sinking fund must be established to provide for their retirement. The last maturing bonds of any issue must be expressed to mature not later than forty years from their date and the first maturing bonds of any issue must fall due within five years from their date. The bonds must bear such rates of interest, be payable in the denominations, in the medium of payment, and at the place as prescribed by resolutions. All bonds may be issued with a provision permitting their redemption on any interest payment date before their respective maturities as the board prescribes. Bonds made subject to redemption before their stated maturities may contain a provision requiring the payment of a premium for the privilege of exercising the right of redemption, in such amount or amounts as the board prescribes in the resolutions authorizing their issuance. All bonds subject to redemption must contain a statement to that effect on the face of each bond. The resolution authorizing their issuance must contain provisions specifying the manner of call and the notice of call that must be given.

Legislative History

HISTORY: 1989 Act No. 102, SECTION 2.