(a) By an ordinance passed by a vote of a majority of the corporate authorities then holding office, bonds may be authorized to be issued under this Article to provide funds for the construction, acquisition, reconstruction, improvement, betterment, or extension of any development project as authorized under this Article or for the refunding of bonds previously issued under this Article.
(b) Bonds shall bear interest at such rate or rates, shall 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 forty (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 or 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 or as may be subsequently determined by the Board of Trustees before the bonds are issued. Bonds may be sold at public or private sale in such manner and upon such terms as may be deemed advisable by the Board of Trustees. Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the Board of Trustees may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this Article. (Ord. 0-81-26, 4-6-81)