After the construction of any improvement shall have been finally determined and ordered
made, and the entire cost thereof estimated, the county mayor shall have the power
and authority, for the purpose of providing means to pay the expense of such improvement,
by and with the approval and cooperation of the board of county commissioners, to
order the issue of and to issue and sell at not less than par, bonds of the county
or certificates of indebtedness of the county totaling not more than three-fourths
of the estimated cost of such improvement. The bonds or certificates of indebtedness
shall be negotiable and payable to bearer and shall have attached thereto coupons
for the interest thereon, which shall in no event be at a greater rate than six percent
per annum, and shall be payable in lawful money of the United States and in such form
as may be provided by proper resolution of the board of county commissioners. Such
bonds may be issued either with or without a referendum vote or election of the people
of the county to authorize same, prior to the issuance thereof, as the board of county
commissioners may require in the resolution providing for the issuance of same. The
bonds or certificates of indebtedness shall run for one, two, three, four, five, six,
seven, eight, nine, ten, 11, 12, 13, 14, 15, 16, 17, 18, 19, and 20 years or in equal
installments covering any other period for which same may be issued, which shall in
no event be greater than 20 years, and bear interest at a rate not exceeding six percent
per annum, payable semiannually at such place as may be named therein, and shall be
in such denominations as the board of county commissioners may direct. The bonds or
certificates of indebtedness shall be the general obligation of the county, and the
full faith and credit of the county shall be pledged as security for same; provided,
however, that the assessments collected against land as authorized by this article
shall be kept by the county trustee in a separate fund to be used for paying off and
retiring such bonds or certificates of indebtedness, but purchasers of such bonds
or certificates of indebtedness shall not be obligated to see that such collections
are so kept and applied. The bonds or certificates of indebtedness authorized by this
article may be made payable at the option of the county issuing same, at any interest
paying period, and if the county issuing same shall elect to pay off any such bonds
or certificates in full, or any part of same, it shall pay as a bonus to the holder
of same a sum equal to one-half of the annual interest thereon for one year; provided,
however, that public notice shall be given before such interest period, by publication
three times, once a week for three consecutive weeks in a daily paper published in
the county, the first publication to be not less than 30 days prior to the interest
period of such bonds or certificates of indebtedness proposed to be redeemed, stating
the intention to redeem same, and describing the same by number and series. Such bonds
or certificates of indebtedness shall state on their face the general character of
the improvement to pay for which they shall be issued, and such other identification
by number or otherwise, to connect same with the particular project as the resolution
of the board of county commissioners providing for the issue of same may determine.
They shall be issued under the seal of the board of county commissioners and shall
be signed by the chairman of the board of county commissioners and countersigned by
the county clerk. The coupons attached to same shall bear the facsimile signatures
of the chairman of the board of county commissioners and the county clerk, provided,
however, that the validity of any such bonds or certificates shall not be affected
by reason of any defect in the form thereof or any omission therefrom. The proceeds
arising from the sale of the bonds or certificates, or so much thereof as may be necessary,
shall be applied exclusively to the payment of the cost of the improvement to pay
for which the bonds or certificates were issued, but if there should remain any surplus,
after paying such costs, the same shall be and become a part of the fund pledges for
the payment of the certificates. However, the county mayor may borrow money and advance
the same for the construction of such work and improvements, or advance same out of
current taxes and revenues. After the completion of such work and assessment of the
costs thereof shall have been made final, the bonds or certificates of indebtedness
to pay for same as authorized by this article may then be issued and sold, in such
amounts as may be necessary to pay two-thirds of the cost of such improvements, including
such amounts as may be borrowed or advanced for that purpose. All interest and other
expenses so incurred for the construction of such improvements as herein provided
shall be charged and assessed as a part of the cost of such improvements upon the
property assessed for the same. But the county mayor may provide in the order ordering
the improvements to be constructed, or in any agreement entered into with the contractor
by whom it is to be done, for the issue of all or a part of such bonds or certificates
of indebtedness directly to such contractor, at not less than par value, in part or
in full payment of the contract price, in which case the certificates or bonds shall
be delivered to such contractor upon completion and acceptance of the work and allowance
of the final estimate.
