§49-4 Authorization of undertaking, loan program and revenue bonds; details of revenue bonds. (a) The acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of any undertaking or the establishment and administration of a loan program may be authorized under this chapter, and revenue bonds may be authorized to be issued under this chapter by resolution or resolutions of the governing body of the county issuing the revenue bonds which may be adopted at the same meeting at which the same are introduced by a majority of all the members of the governing body of the county then in office and shall take effect immediately upon adoption.
(b) The revenue bonds, subject to the proviso to this paragraph shall, bear interest at such rate or rates payable at such time or times, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding thirty years from their respective dates, may be payable in such medium of payment and at such place or places, may carry such registration privileges, may be subject to such terms of redemption, to being tendered for purchase or to being purchased prior to their stated maturity at the option of the county, the holder or either or both, may contain such terms, covenants, and conditions, and may be in such form, either coupon or registered, as the resolution and subsequent resolutions may provide; provided that notwithstanding the foregoing the governing body may provide for deeply discounted revenue bonds which do not bear interest but which are subject to redemption or retirement at their accreted value provided that the discounted value of the revenue bonds shall not exceed ten per cent of any series of revenue bonds.
(c) The governing body shall determine the date, denomination or denominations, interest payment dates, maturity date or dates, place or places of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption, the rights of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which the rights might be exercised, the rights to purchase and the price or prices and the time or times and terms and conditions upon which the rights might be exercised and the purchase may be made, and all other details of revenue bonds issued under this part. The governing body may also determine to acquire such policies of insurance and enter into such banking arrangements on such terms as the county may deem necessary or desirable in order to carry out the purposes of this chapter, including, without limitation, credit and liquidity support facilities and interest rate swaps, swaptions, interest rate floors or caps, and other similar contracts to hedge or reduce the amount or duration of payment, rate, spread or similar risk or to reduce the cost of borrowing when used in conjunction with the bonds. A governing body may delegate the responsibility for any or all of the aforesaid determinations, within limits prescribed by the governing body, to the director of finance. [L 1989, c 80, pt of §3; am L 2003, c 39, §1]
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