The Town of Middletown is hereby authorized and empowered, in addition to authority previously granted, to issue from time to time under its corporate name and seal, bonds to an amount not exceeding five million dollars ($5,000,000.00). The principal of said bonds and interest thereon shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. The bonds of each issue shall mature in equal or diminishing annual installments, the first such installment to be not later than three (3) years, and the last such installment not later than thirty-three (33) years after the date of such bonds. The validity of bonds issued hereunder for the purpose of funding any temporary notes or renewals thereof shall not be affected by any invalidity in the temporary notes or renewals thereof to be refunded. (P.L. 1958, ch. 138, § 1; P.L. 1964, ch. 72, § 2; P.L. 1968, ch. 50, § 1.)
Editor's note. P.L. 1968, ch. 50, § 3, provided that the section here codified be submitted to the electors of the town qualified to vote upon a proposition to impose a tax or for the expenditure of money, and § 4 provided that the section here codified would take effect upon approval of such voters. The question was submitted at the election held May 13, 1968, and the section here codified was so approved.