(A) The exercise of any or all powers granted by §§ 36.40 through 36.50 may be authorized, and the bonds may be authorized to be issued under §§ 36.40 through 36.50, for the purposes set forth in these sections, by ordinance of the governing body of the municipality, and such ordinance may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption. Any such ordinance shall set forth a legislative finding and declaration of the public purpose therefor, and that such ordinance is being enacted pursuant to the powers granted by §§ 36.40 through 36.50.
(B) The bonds shall bear interest at 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, may be in such form, either coupon or registered, and may bear such name as the ordinance may provide. The bonds may be sold at private sale in such manner and upon such terms as may be provided in the ordinance. Pending the preparation of definitive bonds, interim receipts or certificates in such form and with such provisions as may be provided in the ordinance, may be issued to the purchaser or purchasers of bonds sold pursuant to §§ 36.40 through 36.50. The bonds and interim receipts or certificates shall be deemed to be negotiable within the meaning and for all purposes of the "Uniform Commercial Code."
(Ord. 6606, passed 10-17-78)