Sec. 7-377. Redemption of bonds before maturity.
Sec. 7-377. Redemption of bonds before maturity. Any city or borough, by vote
of its legislative body, or any town or other municipality which is authorized to levy
and collect taxes, by vote, at a meeting warned and held for that purpose, may authorize
the treasurer or other custodian of its sinking fund to redeem any of its bonds, as opportunity may permit, before their maturity; and no money in any sinking fund shall be used
to redeem any bonds before maturity other than those for the redemption of which such
fund was created.
(1949 Rev., S. 809; 1959, P.A. 513, S. 1; P.A. 86-350, S. 24, 28.)
History: 1959 act deleted provisions re destruction of bonds after redemption, but see section 7-377a; P.A. 86-350
removed provision prohibiting redemptions at a price above par value.