The bonds or notes shall be authorized by the bond ordinance or resolution which may be adopted at the same meeting at which it is introduced and shall take effect immediately upon adoption.
The bonds or notes shall bear interest at such rate or rates, be payable at such time, 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 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 the bond ordinance or resolution may provide or as may be subsequently determined by the Mayor and Board of Trustees before the bonds or notes are issued. The bonds or notes may be sold at public or private sale in such manner and upon such terms as may be deemed advisable by the Mayor and Board of Trustees. The bonds or notes shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code.
(Ord. 1390, 8-12-1980; amd. Ord. 1502, 12-8-1981)