31-18-19 - Issuance of variable rate bonds.
§ 31-18-19. Issuance of variable rate bonds.
All variable rate bonds issued under this chapter shall be fully negotiable in accordance with their terms and shall be "securities" within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by a governmental unit to the holders of any variable rate bonds issued under this chapter.
Sources: Laws, 2003, ch. 522, § 61 eff from and after July 1, 2004