7-83-310 - Bond issues. - Tennessee Statutes

7-83-310. Bond issues.

Each district has the power and is authorized, from time to time, to issue its negotiable bonds in anticipation of its revenues. Such bonds may be issued for any corporate purpose or purposes of such district. Such bonds shall be authorized by resolution of the board of such district and may be issued in one (1) or more series; may bear such date or dates, mature at such time or times not exceeding forty (40) years from their respective dates, bear interest at such rate or rates, payable semiannually, be in such denomination, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium, be declared or become due before the maturity date of the bonds, as such resolution or resolutions may provide. Such bonds may be issued for money or property, at public or private sale for such price or prices, as the board shall determine. Such bonds may be repurchased by the district out of any funds available for such purpose at a price of not more than the principal amount of the bonds and accrued interest, and all bonds so repurchased shall be cancelled. Pending the preparation or execution of definitive bonds, interim receipts or certificates or temporary bonds may be delivered to the purchaser of the bonds.

[Acts 1935 (E.S.), ch. 4, § 11; C. Supp. 1950, § 3708.57 (Williams, § 3708.60); T.C.A. (orig. ed.), § 6-2722; Acts 1980, ch. 601, § 6.]