Any ordinance authorizing the issuance of bonds authorized under this ordinance shall require the submission of a program for residential development. The exercise of any or all powers granted by this ordinance may be authorized and the bonds may be authorized to be issued under this ordinance for the purposes set forth in this ordinance, by ordinance of the governing body of the municipality, and, provided that each such ordinance shall have been considered by the finance committee of the governing body of the municipality prior to its final adoption, shall take effect immediately upon adoption. Any such ordinance shall set forth a legislative finding and declaration (i) of the public purpose therefor and (ii) that such ordinance is being enacted pursuant to the powers granted by this ordinance.
The bonds shall bear interest as such rate or rates, may be 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 such medium of payment at such place or places, may carry such registration privileges, may be subject to such terms of redemption at such premiums, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as such ordinance may provide. The bonds may be sold at public or private sale in such manner and upon such terms as may be provided in such ordinance. Pending the preparation of definitive bonds, interim receipts or certificates in such form and with such provisions as may be provided in such ordinance, may be issued to the purchaser or purchasers of bonds sold pursuant to this ordinance. The bonds and interim receipts or certificates shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code.
(Prior code § 7-88)