60-11-1204. Bond details. (1) The bonds may be issued as serial bonds payable in annual installments, as term bonds, or as a combination of serial and term bonds. A bond may not mature more than 50 years from its date of issue. The amount to be issued and sold at any one time shall be determined by the department. The bonds may be sold at either public or private sale and at prices above or below par as determined by the department.
     (2) At the time of issuance of the bonds, the department shall specify the bond details, including but not limited to:
     (a) whether serial, term, or combination thereof;
     (b) the interest rate;
     (c) the denominations;
     (d) whether coupon or registered bonds;
     (e) the manner, medium, and place of payment;
     (f) whether redeemable or not and if redeemable, the manner of redemption;
     (g) bond covenants.

     History: En. Sec. 4, Ch. 565, L. 1979; amd. Sec. 8, Ch. 486, L. 1981.