A. The ordinance authorizing issuance of bonds pursuant to the Municipal Airport Law shall specify:
(1) issuance in any number of series;
(2) any maturity date or dates, but the final maturity date shall not exceed fifty years from the date of the bonds;
(3) the interest rate or rates the bonds shall bear;
(4) denominations;
(5) form, either coupon or registered;
(6) conversion or registration privileges;
(7) rank or priority;
(8) manner of execution; and
(9) the terms, manner and medium of payment and redemption.
B. No member of the governing body or any person executing bonds is personally liable on any bond. All bonds are payable solely from the special funds allowed by the Municipal Airport Law as specified in the authorizing ordinance. No bond is a debt or general obligation of the issuing municipality.
C. The terms prescribed by the authorizing ordinance and by this section shall be carried on the face of each bond.
History: 1953 Comp., § 14-40-7, enacted by Laws 1965, ch. 300; 1971, ch. 206, § 4; 1983, ch. 265, § 13.