NOTE: §826 eff. until July 1, 2021. See Acts 2018, No. 569.
§826. Issuing date; principal and interest
The bonds, notes, or certificates of indebtedness all may be issued at one time or from time to time as the governing authority in its discretion may determine. They shall bear interest at such rate or rates specified in the resolution authorizing their issuance from their respective date or dates of issue, payable semiannually, annually, or as the governing authority in its discretion may determine, and which may be evidenced by coupons attached to the bonds, notes, or certificates of indebtedness and executed by facsimile signatures of the officers who sign them. However, the governing authority may issue amortized bonds, notes, or certificates of indebtedness without coupons providing for partial payments of principal and accrued interest at stated periods for a definite time, at the expiration of which time the entire debt will be extinguished if the principal and interest has been fully paid and discharged. Such amortized bonds, notes, or certificates of indebtedness may be delivered upon partial payment of the principal amount thereof, and shall constitute legal, valid, and binding obligations of the political subdivision to the amount received in payment for the principal amount thereof. In such case, interest on the bonds, notes, or certificates of indebtedness shall accrue only from date thereof on that portion of the principal amount for which payment is received at delivery, and interest will begin to accrue on the remaining portions of the principal amount thereof upon the payment therefor. Both the principal and interest shall be payable at any place or at any bank in the United States that is designated by the governing authority, with the approval of the purchaser.
NOTE: §826 as repealed by Acts 2018, No. 569, eff. July 1, 2021.
§826. Repealed by Acts 2018, No. 569, §2, eff. July 1, 2021.
Amended by Acts 1964, No. 59, §1; Acts 1980, No. 259, §1, eff. July 12, 1980; Acts 2018, No. 569, §2, eff. July 1, 2021.
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