§ 8D-4. Issuance of bonds—Generally.

The Board is hereby authorized to provide, by resolution or ordinance, at one (1) time or from time to time, for the issuance of either revenue bonds or general obligation bonds of the County for the purpose of paying all or a part of the cost of any one (1) or more projects as hereinabove defined. The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding forty (40) years from their date or dates, all as may be determined by the Board, and may be made redeemable before maturity, at the option of the County, at such price or prices and under such terms and conditions as may be fixed by the Board prior to the issuance of the bonds. In fixing the interest rate which such bonds shall bear, there shall be no interest rate limitation. The Board shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the State. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds issued under the provisions of this chapter shall have, and are hereby declared to have, all the qualities and incidents of negotiable instruments under the negotiable instruments law of the State. The bonds may be issued in coupon or in registered form, or both, as the Board may determine, and provision may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the Board may sell such bonds in such manner, either at public or at private sale, and for such price, as it may determine to be in the best interests of the County. Prior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The Board may also provide for the replacement of any bonds which shall become mutilated or be destroyed or lost.

Bonds may be issued under the provisions of this chapter without regard to any limitation or restriction contained in any other law and without obtaining the consent of any commission, board, bureau or agency of the State, and without any other proceeding or the happening of any other condition or thing than those proceedings, conditions or things which are specifically required by this chapter.

The proceeds of such bonds shall be used solely for the payment of the cost of the project or projects for the construction or reconstruction of which such bonds shall have been authorized, and shall be disbursed in such manner and under such restrictions, if any, as the Board may provide in the authorizing resolution or in the trust agreement securing such bonds. If the proceeds of such bonds, by error of estimates or otherwise, shall be less than such cost, additional bonds may in like manner be issued to provide the amount of such deficit and, unless otherwise provided in the authorizing resolution or in the trust agreement, shall be deemed to be of the same issue and shall be entitled to payment from the same fund, without preference or priority of the bonds first issued for the same purpose. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which such bonds shall have been issued, the surplus shall be paid into the fund provided under the provisions of this chapter for the payment of the principal of and the interest of such bonds.

(Ch. 22960, § 3, Laws 1945; Ch. 27088, § 3, Laws 1951; Ord. No. 78-27, § 2, 4-4-78; Ord. No. 80-45, § 1, 6-3-80)