(a) As used in this section:
(1) "Issue", "issuance", or some variety thereof means the date upon which a second-lien bond is actually sold; and
(2) "Second-lien bond" means a commercial bond issued under the authority set forth in ยง 26-80-106.
(b) All second-lien bonds issued by school districts shall have semiannual interest payments, with the first interest payment due within eight (8) months of the issuance of the second-lien bond. All second-lien bonds shall be repaid on payment schedules that are either:
(1) Equalized payments in which the annual payments are substantially equal in amount; or
(2) Decelerated payments in which the annual payments decrease over the life of the schedule.
Section: Previous 6-20-1213 6-20-1214 6-20-1215 6-20-1216 6-20-1218 6-20-1219 6-20-1220 6-20-1222 6-20-1223 6-20-1224 6-20-1225 6-20-1226 6-20-1228 6-20-1229Last modified: November 15, 2016