The board for and on behalf of the unit is authorized to provide from time to time
for the issuance of assessment bonds to pay all or part of the cost of improvements.
The principal of and interest on any such bonds shall be payable from the pledge of
special assessment levied pursuant to this division or by a pledge of the full faith
and credit of the unit, if such full faith and credit pledge be authorized by referendum.
The bonds shall be dated, shall bear interest at such rate or rates as shall not exceed
the maximum rate permitted by law, shall mature at such time or times not exceeding
40 years from their date or dates as may be determined by the board and may be made
redeemable before maturity, at the option of the board, under such terms and conditions
and at such prices as may be fixed by the board prior to the issuance of such bonds.
The board shall determine and form of the bonds, including any interest coupons to
be attached thereto, and shall fix the denomination or denominations of the bonds
and the place or places of payment of principal and interest, which may be at any
bank or trust company within or without the state. Such authorizing resolution may
further provide that such bonds may be executed manually or by the engraved, lithographed
or facsimile signature of the chairman of the board. The seal of the county may be
affixed or lithographed, engraved or otherwise reproduced in facsimile on such bonds
and shall be attested by the manual or facsimile signature of the clerk. In case any
officer whose signature or a facsimile of whose signature shall appear on the bonds
shall cease to be such officer before the delivery of such bonds, such signature or
facsimile shall nevertheless be valid and sufficient for all purposes the same as
if he had remained in office until such delivery. All bonds issued under the provisions
of this division shall be and constitute and have all the qualities and incidents
of negotiable instruments under the law merchant and the negotiable instruments law
of the state. The bonds may be issued in coupon or registered form as the board may
determine in such authorizing resolution; and provision may be made for the registration
of any coupon bonds as to principal alone and also as to principal and interest, and
for the reconversion of coupon bonds or of any bond registered as to principal and
interest. The issuance of such bonds shall not be subject to any limitations or conditions
contained in any other law; and the board may sell such bonds in such manner, either
at public or private sale, and for such price, as it may determine to be for the best
interest of the unit; but no such sale shall be made at a price so low as to require
the payment of interest on money received therefor at a rate in excess of the maximum
rate permitted by law, computed with relation to the absolute maturity of the bonds
in accordance with standard tables of bond values, excluding, however, from such computation
the amount of any premium to be paid for the redemption of any bonds prior to maturity.
(Ord. No. 85-32, § 3)
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