59-3-5 - Details of bonds; tax levy; supplemental powers and authorizations for bond issues.
§ 59-3-5. Details of bonds; tax levy; supplemental powers and authorizations for bond issues.
All bonds authorized by Section 59-3-3 shall be lithographed or engraved, and printed in two (2) or more colors, to prevent counterfeiting, and shall be in sums not less than one hundred dollars ($100.00) nor more than one thousand dollars ($1,000.00) each, and shall be registered as issued, be numbered in a regular series from one (1) upward, be signed by the mayor and countersigned by the clerk, who shall impress the municipal seal upon each bond as it is issued. Every such bond shall specify on its face the purpose for which it was issued; and the total amount authorized to be issued, and each shall be made payable to bearer. The corporate authorities shall levy annually a special tax to be used exclusively in paying the interest on such bonds and the bonds maturing within one (1) year, and in providing a sinking fund for the redemption of the bonds issued.
Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections 31-21-1 through 31-21-7.
Sources: Codes, 1942, § 7560; Laws, 1931, ch. 11; Laws, 1983, ch. 494, § 27, eff from and after passage (approved April 11, 1983).