(a) All bonds shall be payable under an annual installment plan which shall commence payments not more than two years from the date of issue. The annual installment plan may be implemented by the issuance of serial maturity bonds or term bonds having mandatory sinking fund requirements. All bonds shall be made payable within the probable useful life of the improvement or undertaking with respect to which they are to be issued, or, if the bonds are to be issued for several improvements or undertakings, then within the average probable useful life of all such improvements or undertakings. In the case of a bond issue for several improvements or undertakings having different probable useful lives, the County Council shall determine the average of said lives, taking into consideration the amount of bonds to be issued on account of each such improvement or undertaking, and the period so determined shall be the average period of useful life. The determination of the County Council as to the probable useful life of any such improvement or undertaking shall be conclusive. No bonds shall mature and be payable more than thirty years after their date of issuance except bonds issued under the authority of the Sanitary Commission Act.
(b) Bond premiums generated from the issuance of County bonds shall be used for the funding of capital improvements financed by the bonds.
(Res. No. 38-96; Res. No. 50-12)
Editor's note – The 2012 amendment added Sec. 720(b).