(2) The board of directors by resolution authorizing the issuance of all or part of a bond authorization may provide:
(a) The manner of the sale, public or otherwise, the denominations, the premiums if any for redemption prior to maturity, and whether or not the bonds shall be registerable as to principal or and principal and interest;
(b) For the setting aside and maintaining of reserves to secure the payment of the principal of the bonds and interest on the bonds, and reserves to maintain, equip, repair, renew, renovate and replace the improvements, facilities and equipment of the district;
(c) For the issuance, under proper terms and conditions, of additional or refunding bonds on a parity with the bonds being issued;
(d) For the creation of necessary funds and accounts; or
(e) All other terms, conditions, covenants and protective features safeguarding the payment of the bonds that are found necessary by the board.
(3) The bonds may be sold at not less than 90 percent of face value, and may bear interest, evidenced by coupons, at a rate not to exceed six percent per annum.
(4) The board may select a trustee for the owners and holders of the bonds, and also a trustee to safeguard and disburse the proceeds of the sale of the bonds. The rights, duties, powers and obligations of the trustee or trustees shall be fixed by the board. [Formerly 545.234]
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.