§ 21-135. Bond issues; limitation to cost estimate or contract; may issue for one or more improvements; maturity dates; interest; notice of sale.
Latest version.
On or after the confirmation of the resolution, the board of county commissioners
may by resolution authorize and issue bonds of the county for the payment of the entire
cost or any portion thereof that is assessed to the abutting property, and for the
reimbursement of any fund of the county from which any part of such costs shall heretofore
have been made. If such bonds shall be sold or advertised for sale prior to the making
of a contract for the work, they may be issued up to the amount of the estimate of
cost, but otherwise shall not exceed the amount of the contract. A finding by the
board of county commissioners of the amount of the contract shall be conclusive for
the purposes of this article. An issue of bonds need not be limited to one (1) improvement
and the bonds may be issued in one (1) or more series at one (1) time or from time
to time for all or a part of the cost of any one (1) or more improvements. Each issue
of bonds shall mature in such annual series beginning not more than five (5) years
from their date as the board of county commissioners may determine to be a reasonable
maturity in view of the time of payments of special assessments made or anticipated
to be made. No option of prior redemption of any such bonds shall be reserved, and
they shall bear interest at no more than the maximum annual interest rate which counties
are permitted to pay on bonds under general law payable semiannually, and the principal
and interest shall be payable in such medium and at such place as the board of county
commissioners may determine. They shall be issued only in denominations of five hundred
dollars ($500.00) or one thousand dollars ($1,000.00), with interest coupons annexed.
They shall be sold by the board of county commissioners after publishing at least
fifteen (15) days before receipt of bids therefor a notice calling for such bids in
a newspaper of general circulation in the county and elsewhere as the board of county
commissioners may order, and shall not be sold at less than par and accrued interest;
provided however, that by vote of all members of the board of county commissioners
present at the meeting at which the vote is taken they may be sold at private sale
without advertisement and may be sold at a price not less than ninety-five cents ($0.95)
on the dollar and accrued interest. They may be made registrable as to principal alone
or as to both principal and interest under such conditions as the board of county
commissioners may determine and shall, with the coupons thereto attached, be executed
as may be provided by the board of county commissioners.
