(A) The bonds of the storm water district are:
(1) A valid claim of the holders only against the Bond and Interest Redemption Account and the revenues of the storm water system; and
(2) Exempt from taxation in the state, as provided by I.C. 6-8-5.
(B) The bonds may be issued either as registered bonds or as coupon bonds payable to the bearer.
(C) Except as provided in I.C. 5-1-5, bonds shall be sold in accordance with I.C. 5-1-11. The registration of bonds does not affect negotiability.
(Prior Code, § 3.80.110)