§ 822. Form and Term of Bonds.

All general obligation bonds shall be in serial and/or term form and payable as consecutively numbered, in annual installments, the first of which shall be payable not more than two years from the day of issue. Bonds shall be properly authenticated. 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. No bonds shall mature and be payable more than forty years after their date of issuance.

(Amended, CB-92-1974, ratified Nov. 5, 1974; Amended, ratified Nov. 5, 2002; Amended, CB-50-2014, ratified Nov. 4, 2014)

Editor's note

Former Section 826 was amended and renumbered to be Section 822.