§ 7.05. Form and term of bonds.

Latest version.

Bonds shall be authenticated by the seal of the city and by the signatures of the city manager and director of finance or by the city manager and city treasurer, if the city manager and the director of finance are the same person. All bonds shall be made payable within the probable life of the improvement or undertaking on account of which they are to be issued or, if the bonds are to be issued for several improvements or undertakings, within the average probable life of such improvements or undertakings. If the case of a bond issue for several improvements, or undertakings having different probable periods of usefulness, the council shall determine the average of said periods, taking into consideration the amount of bonds to be issued on account of each purpose, and the period so determined shall be the average period of usefulness. The determination of the council as to the probable life of any such improvement or undertaking shall be conclusive. Except as otherwise provided in this Charter, no bonds shall be payable more than thirty (30) years after their date of issuance.

(Acts 1992, ch. 513)

(Acts 1992, ch. 513)

                    
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