§ 2-79. Bonds.

(a)

The board shall have the power and it is hereby authorized to provide by resolution, at one time or from time to time, for the issuance of bonds for the purpose of paying all or a part of the cost of any project or combination of projects. The principal of and interest on such bonds shall be payable solely from revenues to be derived from the operation of projects and/or any or all funds of the county derived from sources other than ad valorem taxation and legally available for such purpose. The bonds of each issue shall be dated, shall bear interest at such rate or rates, shall mature at such time or times not exceeding forty (40) years from their date or dates, as may be determined by resolution of the board, and may be made redeemable before maturity, at the option of the county, at such price or prices and under such terms and conditions as may be fixed by the board prior to the issuance of the bonds. The board shall determine the form of the bonds and the interest coupons to be attached thereto, the manner of executing the bonds and coupons, and shall fix the denomination or denominations of the bonds and the place or places of payment of the principal thereof and the interest thereon, which may be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. All bonds shall have and are hereby declared to be and to have all the qualities and incidents of negotiable instruments under the laws of the state. Provision may be made for the registration of any of the bonds in the name of the owner thereof as to principal alone and also as to both principal and interest, and for the reconversion of any bonds registered as to both principal and interest into coupon bonds. Bonds may be issued without regard to any limitation on indebtedness prescribed by any law and shall not be included in the amount of bonds which the county may be authorized to issue under any statute. The board may sell bonds in such manner, at such interest rate or rates, without limitation, and for such price as it may determine to be for the best interests of the county. Prior to the preparation of definitive bonds, the board may, under like restrictions, issue interim receipts, interim certificates, or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The board may also provide for the replacement of any bonds which shall become mutilated, or be destroyed or be lost. Such bonds may be issued without any other proceedings, or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required by this article.

(b)

If the county heretofore acquired or constructed a project and, to pay the cost of such acquisition or construction thereof, issued bonds payable from the funds provided for in this article, and in the further event that the county shall desire to construct additions, extensions, improvements or betterments to such project or to acquire by purchase or to construct an additional project and to combine such additional project with the project theretofore purchased or constructed, and to refund such outstanding bonds, the county may provide for the issuance of a single issue of bonds under the provisions of this article for the combined purposes of refunding such bonds then outstanding if they have matured or shall then be subject to redemption or will be subject to redemption within ten (10) years thereafter, or can be acquired for retirement, and of constructing such additions, extensions, improvements or betterments or of acquiring by purchase or of constructing such additional project, and the principal of and interest on such bonds shall be payable from the funds pledged therefor and provided herein.

(Ord. No. 78-1, § 4, 1-77-78)