The bonds shall be issued as serial bonds, maturing in equal or unequal amounts, at such time and on such occasions and shall be in such denominations as the board shall determine; provided, that the last maturing bonds of any issued shall be expressed to mature not later than forty years from their date, and the first maturing bonds of any issue shall fall due not later than three years from their date. The bonds shall bear such rate or rates of interest within the limitation of Section 11-9-350 of the 1976 Code, payable on such occasions as the board shall prescribe, and shall be payable in such medium of payment and at such place as such resolutions shall prescribe. Any bonds may be issued with provisions permitting their redemption prior to their stated maturity, at such time and under such conditions as the board shall prescribe. Bonds made subject to redemption prior to their stated maturities may contain a provision requiring the payment of a premium for the privilege of exercising the right of redemption, within such limitations as the board shall prescribe. All bonds that are subject to redemption shall contain a statement to that effect on the face of each bond. Any resolution authorizing redeemable bonds shall contain provisions specifying the manner of call and the notice thereof that must be given.
HISTORY: 1978 Act No. 646, Section 5.