§ 720. Contents of bond issue authorization ordinance.

The bond issue authorization ordinance referred to in section 709 of this article shall include a statement of the purpose or purposes of the issue or issues, and if the purpose is to finance one or more capital projects, it shall describe each of them sufficiently for purposes of identification. The ordinance shall estimate the cost of the project or projects and the portion thereof to be defrayed from sources, specifically named, other than the proposed bond issue or issues. The ordinance shall also include the aggregate amount of the proposed issue or issues and the procedure for establishing the amount of any one issue; a statement showing that the proposed issue or issues are within the legal limitation on the indebtedness of the county or the Metropolitan District, as the case may be; the probable useful life of the project or average probable useful life of the projects to be financed; the date or dates of the issue bonds or the procedure for establishing such dates; the dates of the first and last serial maturities or the procedure for establishing such dates; the dates on which the interest shall be paid or the procedure for establishing such dates; a declaration that the principal of and the interest on the bonds are to be paid by ad valorem taxes on real estate and tangible personal property and intangible property subject to taxation by the county without limitation of rate or amount, and, in addition, upon such other intangible property as may be subject to taxation by the county within limitations prescribed by law; and that the full faith and credit of the county are pledged to such payments. The ordinance shall also recite the procedure for the public sale of the bonds, the sale price of the bonds, which may be at, above or below par, or the procedure for determining the same, the manner of execution and authentication of the bonds, which may be by manual or facsimile signature or seal, the form of the bonds (and any coupons appertaining thereto). Which may be registrable or non-registrable as to principal or interest, with or without coupons, or book entry in format, and shall contain such other matters relating to the authorization, issuance or sale of the bonds as the county council shall deem desirable.

(Bill No. 116, 1982, § 1; approved by voters Nov. 2, 1982; effective Dec. 3, 1982; Bill No. 129, 1990, § 3; approved by voters Nov. 6, 1990; effective Dec. 7, 1990)

Editor's note

The publisher deleted a former reference to "issue" from the fourth clause in the third sentence. The word "issue" was repealed and replaced by "bonds" in Bill 116-82 but the change was not shown in the 1982 cumulative supplement to the 1978 Code and has persisted ever since.