Effective 28 Aug 1983

250.080. Revenue bonds — ordinance or resolution authorizing — contents — interest — maturity — signing — sale price. — 1. Revenue bonds authorized at an election held as hereinabove provided shall be issued by authority of an ordinance adopted by the governing body of any such city, town or village or of a resolution adopted by the governing body of any such district. Such ordinance or resolution shall recite that an estimate of the cost of the proposed acquisition, construction, improvement or extension has been made and shall set out such estimated cost; it shall set out the amount of the bonds proposed to be issued, their purpose or purposes, their date or dates, denomination or denominations, rate or rates of interest, time or times of payment, both of principal and of interest, place or places of payment and all other details in connection with the bonds.

2. Any such bonds may be subject to such provision for redemption prior to maturity, with or without premium, and at such times and upon such conditions as may be provided by the governing body of the city, town or village or sewer district.

3. Such bonds shall bear interest at a rate in accordance with section 108.170 and shall mature over a period not exceeding thirty-five years from the date thereof. Any provision of law to the contrary, notwithstanding, any and all bonds authorized pursuant to this chapter shall possess all the qualities of negotiable instruments under the negotiable instruments act.

4. Such bonds may be payable to bearer, may be registered or coupon bonds and if payable to bearer may contain such registration privileges as to either principal and interest, or principal only, as may be provided in the ordinance or resolution authorizing such bonds.

5. Such bonds and the coupons to be attached thereto, if any, shall be signed in such manner and by such officers as may be directed by ordinance or resolution. Bonds signed by an officer who shall hold the office at the time the bonds are signed shall be deemed validly and effectually signed for all purposes, regardless of whether or not any such officer shall cease to hold his office prior to the delivery of the bonds and regardless of whether or not any such officer shall have held or shall not have held such office on the date ascribed to such bonds.

6. Any such bonds shall be sold in such manner and upon such terms as the governing authority of the town, city or village or the governing body of such sewer district shall determine, but such bonds shall not be sold for less than ninety cents on the dollar nor shall they be sold at such a price that the interest cost upon the actual proceeds of such bonds from the date thereof to their maturity shall exceed a rate in accordance with section 108.170. Such ordinance or resolution may provide that certain bonds authorized thereby shall be junior or subordinate in any or all respects to other revenue bonds authorized concurrently therewith or prior to or after such bonds.

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(L. 1951 p. 638 § 7, A.L. 1983 H.B. 371)