HARRY HUGHES, Governor

3477

(3)  No tax anticipation notes or other evidences of
indebtedness shall be issued which will cause the total tax
anticipation indebtedness of the [town] MUNICIPAL CORPORATION to
exceed [fifty per centum (50%)] 50 PERCENT of the property tax
levy for the fiscal year in which the notes or other evidences of
indebtedness are issued.

(4)  All tax anticipation notes or other evidences of
indebtedness shall be authorized by ordinance before being
issued.

(5)  The council shall have the power to regulate all
matters concerning the issuance and sale of tax anticipation
notes.

(B) (1) MUNICIPAL BONDS OR NOTES MAY BE SOLD FOR ANY PUBLIC
PURPOSE BY PRIVATE NEGOTIATED SALE WITHOUT ADVERTISEMENT OR
PUBLICATION OF NOTICE OF SALE OR AT PUBLIC SALE AFTER
SOLICITATION OF COMPETITIVE BIDS, AS DETERMINED BY THE RESOLUTION
OR ORDINANCE AUTHORIZING THE ISSUANCE OF THE BONDS OR NOTES.

(2)  (I) ANY PUBLIC SALE OF MUNICIPAL BONDS OR NOTES
MAY BE HELD ONLY AFTER 1 OR MORE INSERTIONS OF A NOTICE OF THE
SALE IN EITHER A NEWSPAPER OF GENERAL CIRCULATION IN THE TOWN OR
A PUBLICATION HAVING A CIRCULATION PRIMARILY AMONG THE INVESTMENT
AND FINANCIAL COMMUNITY.

(II) THE FIRST INSERTION OF THE NOTICE OF SALE
SHALL BE PUBLISHED AT LEAST 10 DAYS BEFORE THE DATE FIXED FOR THE
SALE.

(3)  (I) MUNICIPAL BONDS OR NOTES ISSUED UNDER THIS
SUBSECTION MAY BE SOLD OR REDEEMED FOR A PRICE OR PRICES WHICH
MAY BE AT, ABOVE, OR BELOW THE PAR VALUE OF THE BONDS OR NOTES,
AS PROVIDED IN THE AUTHORIZING RESOLUTION OR ORDINANCE.

(II)  THE RESOLUTION OR ORDINANCE THAT
AUTHORIZES THE MUNICIPAL BONDS OR NOTES MAY PROVIDE FOR THE BONDS
SALE OR PRIOR REDEMPTION AT SUCH PRICE OR PRICES OF THE BONDS OR
NOTES.

(III) MUNICIPAL BONDS OR NOTES MAY BE ISSUED,
SOLD, AND DELIVERED ON SUCH TERMS AND CONDITIONS, INCLUDING FIXED
OR VARIABLE RATE OR RATES OF INTEREST OR METHOD OF DETERMINING
INTEREST RATE OR RATES, AS PROVIDED IN THE AUTHORIZING RESOLUTION
OR ORDINANCE.

(4)  MUNICIPAL BONDS OR NOTES MAY BE ISSUED FOR EITHER
CASH OR OTHER VALUABLE CONSIDERATION.

(5)  THE OFFICIAL SIGNATURES AND SEALS AFFIXED TO ANY
MUNICIPAL BONDS OR COUPONS ATTACHED TO MUNICIPAL BONDS NOTES MAY
BE IMPRINTED IN FACSIMILE ON THE BONDS OR COUPONS.