§ 32-85. Participation with City of Memphis; financing by bond issue; procedures.

(a)

The county is hereby authorized by and through the board of county commissioners and proper authorities to participate with the City of Memphis in the acquisition of sites for erection, construction and equipping of any branch of the Cossitt Library, and to authorize it to finance its part of the cost thereof by issuing its general liability serial coupon bonds in an amount not to exceed $200,000.00, and to pledge the full faith and credit of the county to the payment of same. Such bonds when issued shall be a general obligation of the county. The proceeds derived from the sale of such bonds shall be applied exclusively for the purpose of financing its part of the cost of the acquisition of sites, for the erection, construction and equipping of new branches of the Cossitt Library and for the appropriation and contribution of such funds as are necessary for the carrying out of the financial obligations of the county, for such project incurred by the board of county commissioners, in accordance with and under the authority granted by this article.

(b)

Such bonds shall bear a rate of interest as determined by the board of county commissioners, and shall be sold for not less than par and accrued interest. The maturities of such bonds shall be fixed by the board, by proper resolution, but all shall mature not more than 25 years after the date of the bonds.

(c)

The money derived from the sale of such bonds shall be used by the board of county commissioners for any one or all of the purposes of this article, for which such bonds are authorized to be issued, and for no other purposes; but the purchasers of such bonds, or any of them, shall not be bound to see to the application of such purchase money. The bonds may be issued in such form and in such denominations and at such time as may be ordered by the board and shall be sold at public or private sale by order of the board at such times and places, and in such manner and lots, as the board may deem best.

(d)

If the bonds shall be sold at a public sale, notice of such sale shall be published at least once in a newspaper of general circulation in the county, and in a financial publication in the City of Chicago, Illinois or the City of New York, at least ten days prior to the date fixed for the sale.

(Code 1992, § 16-86; Priv. Acts 1947, ch. 530, § 1)