1. (1) Bonds authorized to be issued under this part:

   1. (a) must bear interest at a rate or rates not exceeding the limitation of 17-5-102;
   2. (b) may be issued in one or more series;
   3. (c) may bear a date or dates;
   4. (d) may mature at a time or times not exceeding 40 years from their respective dates of issue;
   5. (e) may be payable in a place or places;
   6. (f) may carry registration privileges;
   7. (g) may be subject to terms of redemption;
   8. (h) may be executed;
   9. (i) may contain terms, covenants, and conditions; and
   10. (j) may be in coupon or registered form, as provided by the initial resolution or subsequent resolutions.
2. (2) The governing body may fix the minimum price for the bonds in an amount less than the principal amount of the bonds but not less than 97% of the principal amount if it determines that a sale at that price is in the best interests of the undertaking.

History: En. Sec. 4, Ch. 126, L. 1939; amd. Sec. 2, Ch. 145, L. 1951; amd. Sec. 2, Ch. 38, L. 1957; amd. Sec. 1, Ch. 52, L. 1963; amd. Sec. 11-106, Ch. 264, L. 1963; amd. Sec. 11, Ch. 158, L. 1971; amd. Sec. 5, Ch. 234, L. 1971; amd. Sec. 4, Ch. 413, L. 1973; R.C.M. 1947, 11-2404(part); amd. Sec. 4, Ch. 500, L. 1981; amd. Sec. 1, Ch. 11, L. 1983; amd. Sec. 34, Ch. 423, L. 1995.