(b) An ordinance adopted under this section:

1. (1) must include the terms of the bonds to be issued in evidence of the loan;
2. (2) must include the time and manner of giving notice of the sale of the bonds;
3. (3) must include the manner in which the bonds will be sold; and
4. (4) may authorize a total amount for any issue of bonds.

(d) Bonds issued and sold by a city under this section:

1. (1) are negotiable with or without registration, as may be provided by the ordinance authorizing the issue;
2. (2) may bear interest at any rate;
3. (3) may run not longer than thirty (30) years;
4. (4) may contain an option allowing the city to redeem them in whole or in part at specified times prior to maturity; and
5. (5) may be sold for not less than par value.

(e) The city fiscal officer shall:

1. (1) manage and supervise the preparation, advertisement, negotiations, and sale of bonds under this section, subject to the terms of the ordinance authorizing the sale;
2. (2) certify the amount the purchaser is to pay, together with the name and address of the purchaser;
3. (3) receive the amount of payment certified;
4. (4) deliver the bonds to the purchaser;
5. (5) take a receipt for the securities delivered;
6. (6) pay the purchaser's payment into the city treasury; and

7. (7) report the proceedings in the sale to the legislative body.

   The actions of the fiscal officer under this subsection are ministerial.

   [Pre-Local Government Recodification Citation: 18-1-4-3 part.]

   As added by Acts 1980, P.L.212, SEC.3. Amended by P.L.173-2003, SEC.26; P.L.184-2015, SEC.16; P.L.244-2017, SEC.127.