85-8-503. Sale of notes or bonds. Upon execution, the notes or bonds must be deposited with the county treasurer, who shall register the notes or bonds in a book for that purpose that documents the number and amount of each note or bond, its date, the date payable and redeemable, where payable, and the person to whom issued. Upon sale of the notes or bonds, the county treasurer shall deliver the notes or bonds to the person or persons to whom they were sold, upon the person or persons making payment for the notes or bonds. The notes or bonds may be sold by the commissioners at either public or private sale, either with or without advertisement, if it is considered to be in the best interests of the district. The notes or bonds may not be sold at less than 97% of face value. The notes or bonds may not be held to make the commissioners personally liable but constitute a lien upon the assessments for the repayment of the principal and interest of the notes or bonds.
History: En. Sec. 79, Ch. 129, L. 1921; re-en. Sec. 7343, R.C.M. 1921; re-en. Sec. 7343, R.C.M. 1935; amd. Sec. 13, Ch. 260, L. 1959; amd. Sec. 36, Ch. 234, L. 1971; R.C.M. 1947, 89-2501(3); amd. Sec. 30, Ch. 253, L. 2011.
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