TITLE 43

IRRIGATION DISTRICTS

CHAPTER 19

DOMESTIC WATER SYSTEMS — CONTRACTS WITH UNITED STATES

43-1915.  Bonds — Form — Conditions. All revenue bonds issued under authority of this act shall be sold, executed and delivered in the same manner as provided by the municipal bond law for the sale of general obligation bonds, except that issues of revenue bonds may, in the discretion of the directors, be sold at a private sale without advertising the same at competitive bidding and at a price above, at, or below par. The resolution authorizing the issuance of bonds shall prescribe the form of bonds. The bonds shall bear interest at a rate or rates, payable annually, or at lesser intervals as may be prescribed by resolution; may be in one (1) or more series, bear the date or dates, mature at the time or times, and be redeemable before maturity at the option of the district; may be payable in the medium of payment, at the place or places, may carry registration privileges, may be subject to the terms of redemption, may contain the terms, covenants and conditions, and may be in the form as the resolution may provide. Pending preparation of the bonds, interim certificates in the form and with the provisions as the directors may determine may be issued. Bonds and interim certificates shall be fully negotiable within the meaning of and for all the purposes of the negotiable instruments law.

Notwithstanding the provisions of the municipal bond law, the governing body in any proceedings authorizing bonds under this act may:

(a)  Provide for the initial issuance of one (1) or more bonds aggregating the amount of the entire issue;

(b)  Make such provision for installment payments of the principal amount of any bond as it may consider desirable;

(c)  Further make provision in any proceedings for the manner and circumstances in and under which any bond may in the future, at the request of the holder thereof, be converted into bonds of smaller denominations.

History:

[43-1915, added 1988, ch. 299, sec. 10, p. 949.]