The exercise of all powers granted by this chapter shall be authorized and such bonds shall be issued by a bond ordinance which shall be passed in accordance with this Code. At the request of bond counsel, the Village may adopt a resolution evidencing its intent to issue bonds pursuant to this chapter.
The bonds shall bear interest at such rate or rates without regard to any limitation in any other law, 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 a 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 such bond ordinance or subsequent bond ordinances may provide. The bonds may be sold in such manner and upon such terms as may be deemed advisable by the Village, and may be authenticated by a Trustee pursuant to an appropriate legend to be found on the face of the bonds. Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the Village may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. The bonds and interim receipts or certificates shall be deemed to be securities and negotiable instruments within the meaning and for all purposes of the Uniform Commercial Code. (Ord. 85-O-27, 7-8-1985)