A. Revenue bonds shall be authorized by ordinance of the local government, shall be subject to a maximum net effective interest rate and shall be in denominations, bear a date, mature at a time not exceeding forty years from their respective dates, bear an interest at a rate, be in a form, carry registration privileges, be executed in a manner, be payable at a place within or without the state and be subject to terms of redemption as the authorizing ordinance or supplemental resolution of the local government may provide.
B. The revenue bonds may be sold in one or more series at par or below or above par at public or private sale in a manner and for a price as the local government in its discretion shall determine; but the local government shall not sell revenue bonds at a price such that the net effective interest rate of the issue of bonds exceeds the maximum net effective interest rate authorized. As an incidental expense of the project, the local government in its discretion may employ financial and legal consultants in regard to the financing of the project.
History: Laws 1979, ch. 391, § 32; 2018, ch. 60, § 30.
ANNOTATIONSThe 2018 amendment, effective May 16, 2018, extended the powers and duties as identified in the Metropolitan Redevelopment Code from only municipalities to now include counties, made technical changes and replaced "municipality" with "local government" throughout the section.