SEC. 61-3-41. Interest on bonds; details of bonds generally.
All bonds shall bear interest at such rate or rates not to exceed that allowed in Section 75-17-103. No bond shall bear more than one (1) rate of interest. Each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid or as agreed to by the authority. All bonds of the same maturity shall bear the same rate of interest. All interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year.
No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted. The lowest interest rate specified for any bonds issued shall not be less than two-thirds (2/3) of the highest interest rate specified for the same bond issue. The interest rate of any one (1) interest coupon shall not exceed the maximum interest rate allowed on such bonds.
Each interest rate specified in any bid must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%), and a zero rate of interest cannot be named.
All bonds shall be lithographed, engraved or typewritten, shall be in denominations of not less than Five Thousand Dollars ($5,000.00), shall be registered by the authority, and shall be consecutively numbered in a regular series from one (1) upward. Each such bond shall specify on its face the purpose for which it was issued and the total amount authorized to be issued. The interest to accrue on each bond shall be evidenced by proper coupons to be attached thereto, unless the bonds are fully registered no-coupon bonds.
SOURCES: Codes, 1942, Sec. 7545-40; Laws, 1958, ch. 230, Sec. 10; 1969, Ex. Sess. ch. 35, Sec. 1; 1981, ch. 477, Sec. 1; 1983, ch. 541, Sec. 42; 1991, ch. 520, Sec. 3, eff from and after passage (approved April 10, 1991).