49-39-6.1. Issuance of variable rate obligations--Authorization by resolution--Scope. The issuance of variable rate obligations shall be authorized by resolution, order or ordinance of the board of directors of the district, which resolution, order or ordinance shall fix the maximum amount of obligations to be issued or, if applicable, the maximum principal amount which may be outstanding at any time, the maximum term shall be outstanding, the maximum interest rate to be borne by the obligations, the manner of sale (which may be by either public or private sale), price, form, terms, conditions and the covenants thereof. The resolution, order or ordinance authorizing the issuance of obligations may provide for the designation of a paying agent and registrar for the obligations and may authorize one or more designated officers or employees of the district to act on behalf of the district from time to time in the selling and delivering of obligations authorized and fixing the dates, price, interest rates, interest payment periods and other procedures as may be specified in the resolution, order or ordinance. Obligations may be issued in such form or such denomination, payable at such time or times, in such amount or amounts or installments, at such place or places, in such form, under such terms, conditions and details, in such manner, redeemable prior to maturity at any time or times, bearing no interest, or bearing interest at any rate or rates (either fixed, variable, floating, adjustable, or otherwise, all as determined in accordance with the resolution, order or ordinance providing for the issuance of the obligations which resolution, order or ordinance may provide a formula, index, contract or any other arrangement for the periodic determination of interest rates), not to exceed the maximum net effective interest rate allowed by law and may be signed or otherwise executed in such manner, with manual or facsimile signatures, and with or without a seal, all as shall be specified by the board of directors of the district in the resolution, order or ordinance authorizing the issuance of the obligations. The proceeds received from the sale of obligations may be deposited or invested in any manner and in such obligations as may be specified in the resolution, order, ordinance or other proceedings authorizing the obligations. If any officer or officers whose signatures are on any obligations cease to be such officer or officers before the delivery thereof to the purchaser, the signature or signatures shall nevertheless be valid and sufficient for all purposes and the successor or successors in office of any such officer or officers shall be fully authorized to complete the execution, authentication, or delivery of the obligations to the purchaser or purchasers thereof.

Source: SL 1989, ch 403, § 28.