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All objections shall be made in writing and signed by the protestant, and any grounds not stated therein and filed at or before the time fixed for hearing shall be deemed waived. The contractor or his assigns, and any other person or persons interested in said matter, may appear and be heard upon any of the matters referred to in said notice. The Board may confirm, amend, alter, modify or correct the report in such manner as it shall deem just, and require the work to be completed according to its directions or those of the person designated by it therefor.
(Added by Ord. 225-81, App. 5/5/81)
In the Board's final order upon the hearing, or in the resolution ordering the acquisitions or improvements when the proceedings are had pursuant to Subdivision 4 or 5 of Subarticle V, the Board shall by resolution order the issuance of bonds. The resolution shall state the total principal amount thereof and the amount to mature in each year during their term. The bonds may be made to mature on July 2nd over a period not to exceed 40 years from their date.
(Added by Ord. 225-81, App. 5/5/81)
The bonds shall be in such form, shall be executed by the officers, and shall be made payable at the place or places within or without the State as the Board shall determine. The bonds shall be negotiable in form and be payable to bearer.
(Added by Ord. 225-81, App. 5/5/81)
An issue of bonds shall constitute all of the bonds issued pursuant to a resolution of intention. Each issue shall be given a serial designation. The Board may, in its discretion, divide the issue into two or more divisions and fix different dates for the bonds of each division, in which event the bonds of each division shall be made payable at such time or times as the Board shall determine. Possession bonds shall constitute a division of an issue. All bonds of any issue shall have equal priority.
(Added by Ord. 225-81, App. 5/5/81)
If the proceeds of the bonds for any reason are less than the cost of the acquisitions and improvements and expenses incidental thereto, additional bonds may be issued by filing with the Clerk a declaration or statement of the amount necessary therefor and by giving notice and holding a hearing and determining the amount of bonds upon declaration, notice and hearing pursuant to Subdivision 3 or 4 of Subarticle II hereof. Said bonds shall be deemed a division of the bonds of the main issue.
(Added by Ord. 225-81, App. 5/5/81)
Semi-annual interest coupons shall be attached to said bonds and be made payable on the second days of January and July of each year, excepting that the first coupon shall be for interest from their date to the second day of January next succeeding four months after the date of such bonds. Provision may be made for the payment of interest from the proceeds of the sale of the bonds for the period of acquisition and construction of the project and for one year thereafter. If, upon presentation at maturity, payment of any bond is not made as herein provided, interest shall continue at the same rate until the principal is paid in full.
(Added by Ord. 225-81, App. 5/5/81)
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