§ 15-8-101 — When authorized; conditions; signatures; sale; amount required

(a) If any city or town creates any indebtedness not in
excess of the taxes for the current year to pay expenses
incurred in repairing or restoring improvements made necessary
by any casualty or accident happening after the annual
appropriation is made, or if any judgment is rendered against
any city or town, or if any city or town has outstanding any
other lawful indebtedness, the governing body may pay, redeem,
fund or refund that judgment or indebtedness by issuing the
negotiable coupon bonds of the city or town if it can be done at
a lower rate of interest, or to the profit and benefit of the
city or town.
(b) The bonds shall:
(i) Be in denominations as fixed by ordinance;
(ii) Be numbered from one (1) upward;
(iii) Be payable within thirty (30) years from the
date of issue;
(iv) Bear interest at a rate designated by the
governing body; and
(v) Be payable semiannually at the office of the city
or town treasurer, or at any other place designated by the
governing body.
(c) The bonds may become due serially or be redeemable as
specified in the ordinance. They shall be signed by the mayor
and countersigned by the clerk and the treasurer of the city or
town and may be sold and disposed of in an amount sufficient for
the purpose for which they were issued, as determined by the
governing body. No bonds may be sold for less than their par
value.