68-11-605 - Construction authorized Bonds. - Tennessee Statutes

68-11-605. Construction authorized Bonds.

(a)  The construction, acquisition, reconstruction, improvement, betterment, extension and equipping of any medical arts buildings may be authorized under this part, and bonds may be authorized to be issued under this part to provide funds for such purpose or purposes or for the refunding of bonds already issued under this part, by resolution or resolutions of the governing body, which resolutions may be adopted by a majority of all the members of the governing body then in office at the same meeting at which they are introduced, and shall take effect immediately upon adoption.

(b)  The bonds shall bear interest at the rate or rates, payable semiannually, may be in one (1) or more series, may bear the date or dates, may mature at the time or times not exceeding forty (40) years from their respective dates, may be payable in the medium of payment at the place or places, may carry the registration privileges, may be subject to the terms of redemption with or without premium, may be executed in the manner, may contain the terms, covenants and conditions, and may be in the form, either coupon or registered, as the resolution or subsequent resolutions may provide.

(c)  The bonds may be sold in the manner and upon the terms as may be deemed advisable by the governing body; provided, that bonds to which the full faith and credit and unlimited taxing power of the county or municipality are pledged shall be sold at public sale pursuant to title 9, chapter 21; and further provided, that bonds for refunding purposes shall not be sold at less than par, but may be delivered in exchange for bonds to be refunded thereby.

(d)  (1)  Pending the preparation of the definitive bonds, interim receipts or certificates in the form and with the provisions as the governing body may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part.

     (2)  The bonds and interim receipts or certificates shall be fully negotiable within the meaning of and for all purposes of title 47, chapter 3.

[Acts 1974, ch. 601, § 5; T.C.A., § 53-5905.]