SEC. 65-13-33. Authority to issue bonds.
The highway and street revenue bond authority, through its board of trustees and subject to the approval of the board of supervisors and the governing body of any other municipality joining the authority, either at the time of its creation or afterward, is further empowered to finance all cost in connection with the work authorized in this chapter by the issuance of revenue bonds. Such bonds shall be issued at such times and in such amounts as shall be provided by resolution of the board of trustees and approved by the board of supervisors of the county and the governing body of other municipalities, agencies or departments involved in the payment of cost.
The board of trustees is further authorized to make such contracts, within the authority of this chapter, in the issuance of bonds as may be necessary to insure the marketability thereof. All bonds sold to any person or persons other than agencies of the county, state, or federal government will be sold by the sealed bid procedure, and the bonds will be sold and delivered to the parties proposing the lowest overall average interest cost.
SOURCES: Codes, 1942, Sec. 8368-15; Laws, 1966, ch. 603, Sec. 15, eff from and after passage (approved June 17, 1966).