7-7-4208. Types of general obligation bonds. (1) Except as provided in subsection (2), bonds issued by any city or town must be either amortization bonds or serial bonds.
(2) Citizen bonds may be amortization bonds, serial bonds, term bonds, capital appreciation bonds, or zero-coupon bonds, without preference for amortization bonds.
History: En. Sec. 5, Ch. 160, L. 1931; re-en. Sec. 5278.5, R.C.M. 1935; amd. Sec. 2, Ch. 152, L. 1953; R.C.M. 1947, 11-2305(part); amd. Sec. 6, Ch. 511, L. 1989; amd. Sec. 5, Ch. 459, L. 1997.