(a) The City of St. Albans or the St. Albans City School District at any annual or special meeting when an article for that purpose shall have been inserted in the warning therefor may authorize the issue of notes or bonds for the purpose of paying or refunding any fixed or floating outstanding liabilities of the City or City School District and may stipulate in such vote the amount of such bonds, the maximum rate of interest such notes and bonds shall bear, the term in which they shall be payable, which shall in no case exceed 25 years, the kind and denomination, and the place where the bonds shall be payable.

(b) Such notes and bonds shall be signed by the Mayor for the City and the school commissioners for the City School District and countersigned by the Treasurer of the City, and if interest coupons are attached, they shall be signed by the Treasurer or bear his or her facsimile signature; and the bonds or notes shall contain a statement that they were issued for the purposes mentioned in conformity with this section, and such statement shall be conclusive evidence of the same and of the liability of the City or City school district to pay any such note or bond to any person who is a bona fide holder thereof.

(c) The City Treasurer shall keep a record of every note or bond issued under the provisions of this section, therein stating the number and denomination of each note or bond, when and where payable, to whom issued, and the rate of interest thereon; and also shall keep a record of payments, interest, and principal.

(d) When old notes or bonds are taken up by exchange or by sale of the new notes or bonds, the Treasurer shall keep a record of the same and such old notes or bonds shall be canceled. (Amended 2009, No. M-23 (Adj. Sess.), § 31, eff. May 20, 2010.)