(A) The exercise of all powers granted by this subchapter may be authorized, and bonds may be authorized to be issued under this subchapter for the purposes set forth in this subchapter, by ordinance of the governing body of the municipality which may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption.
(B) The bonds shall bear interest at the rate or rates, payable at such times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding 40 years from their respective dates, may be payable in the medium of payment at the place or places, may carry the registration privileges, may be subject to the terms of redemption at the premiums may be executed in the manner, may contain the terms, covenants and conditions, and may be in such form, either coupon or registered, as the ordinance may provide or as may be subsequently determined by the governing body before the bonds are issued.
(C) The bonds may be sold at public or private sale in such manner and upon such terms as may be deemed advisable by the governing body of the municipality, pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the governing body of the municipality may determine, to be issued to the purchaser or purchasers of bonds sold pursuant to this subchapter.
(D) The bonds and interim receipts or certificates shall be deemed to securities and negotiable instruments within the meaning and for all purposes of the "Uniform Commercial Code".
(Ord. 81-374, passed 10-22-1981)