§ 18-4-501 — Issuance authorized; purpose; terms and conditions; provisions for payment and redemption

(a) Each board of county commissioners may issue
negotiable coupon bonds of their county for the purpose of
paying, redeeming, funding or refunding the principal and
interest of any indebtedness of their county when it can be done
at a lower rate of interest to the benefit of the county. The
bonds:
(i) Shall be issued as near as practicable in
denominations of one thousand dollars ($1,000.00) each, but may
be issued in denominations of five hundred dollars ($500.00) and
one hundred dollars ($100.00) when necessary;
(ii) Shall bear interest;
(iii) Shall be paid on January 1 and July 1 in each
year at the office of the county treasurer or at a bank in New
York City as designated by the board of county commissioners at
the option of the holder;
(iv) Shall be redeemed by the county in the following
manner:
(A) Ten percent (10%) of the total amount issued
shall be paid within ten (10) years from date of issue, and ten
percent (10%) of the total amount shall be paid annually
thereafter until all bonds are paid, making the last bond
redeemable twenty (20) years from date of issue; or
(B) Any part thereof may at the option of the
county issuing them be redeemed in numerical order after five
(5) years from the date of issue if the time and option is
stated upon the face of each bond.
(v) May be issued serially as provided by W.S.