§ 15-1-703 — Bonds; limitations; terms and conditions; sale; expenses; negotiability

(a) No bonds issued by a municipality or county under this
article may be general obligations of the municipality or
county. Bonds and interest coupons do not constitute nor give
rise to a pecuniary liability of the municipality or county or a
charge against its general credit or taxing powers. These
limitations shall be stated clearly on the face of each bond.
(b) The bonds may be executed and delivered at any time,
in such form and denominations, be of such tenor, in registered
or bearer form either as to principal or interest or both,
payable in installments at any place and at any time not
exceeding thirty (30) years from their date, bear interest at
any rate, be redeemable prior to maturity with or without
premium and contain any provisions not inconsistent with this
section, if deemed in the best interest of the municipality or
county and if provided for by the governing body at the time of
authorization.
(c) Any bonds issued under this article may be sold at
public or private sale in a manner and at a time set by the
governing body. The municipality or county shall pay all
necessary expenses, premiums and commissions in connection with
the authorization, sale and issuance of the bonds from the
proceeds of the sale or from the revenues of the projects.
(d) All bonds and interest coupons are negotiable
instruments, although payable solely from a specified source.