15-8-101. When authorized; conditions; signatures; sale; amount required.
(a) If any city or town creates any indebtedness not in excess of the taxes for the current year to pay expenses incurred in repairing or restoring improvements made necessary by any casualty or accident happening after the annual appropriation is made, or if any judgment is rendered against any city or town, or if any city or town has outstanding any other lawful indebtedness, the governing body may pay, redeem, fund or refund that judgment or indebtedness by issuing the negotiable coupon bonds of the city or town if it can be done at a lower rate of interest, or to the profit and benefit of the city or town.
(b) The bonds shall:
(i) Be in denominations as fixed by ordinance;
(ii) Be numbered from one (1) upward;
(iii) Be payable within thirty (30) years from the date of issue;
(iv) Bear interest at a rate designated by the governing body; and
(v) Be payable semiannually at the office of the city or town treasurer, or at any other place designated by the governing body.
(c) The bonds may become due serially or be redeemable as specified in the ordinance. They shall be signed by the mayor and countersigned by the clerk and the treasurer of the city or town and may be sold and disposed of in an amount sufficient for the purpose for which they were issued, as determined by the governing body. No bonds may be sold for less than their par value.