§ 617. Form and term of bonds.

(a)

Each issue of bonds shall be in one, or a combination, of the following forms: serial bonds, installment bonds, or, if the bonds are subject to mandatory sinking fund redemptions or if the payment of principal at maturity is otherwise provided for, term bonds.

(b)

All bonds shall be made payable within the probable useful life of the improvement or undertaking with respect to which they are to be issued, or, if the bonds are to be issued for several improvements or undertakings, then within the average probable useful life of all such improvements or undertakings. In the case of a bond issue for several improvements or undertakings having different probable useful lives, the Council shall determine the average of said lives, taking into consideration the amount of bonds to be issued on account of each such improvement or undertaking, and the period so determined shall be the average period of useful life. The determination of the Council as to the probable useful life of any such improvement or undertaking shall be conclusive. No bonds shall mature and be payable more than thirty years after their date of issuance

Editor's note

An amendment to § 617 proposed by Res. No. 126, 1988 was approved at an election held Nov. 8, 1988, and became effective Dec. 8, 1988. An amendment proposed by Res. No. 34, 1990 was approved at an election held Nov. 6, 1990, and became effective Dec. 6, 1990. An amendment to subsection (b) proposed by Res. No. 125, 1996 was approved at an election held Nov. 5, 1996, and became effective Dec. 5, 1996. An amendment proposed by Res. No. 125, 2005 was approved by the voters at an election held on Nov. 7, 2006 and became effective Dec. 7, 2006.