18-4-404. Form, terms, conditions and execution of bonds; payment and interest; sale price.
(a) The viaduct or subway bonds:
(i) Shall be payable thirty (30) years from the date of issue;
(ii) Shall be redeemable at the option of the county after ten (10) years;
(iii) Shall bear interest payable on January 15 and July 15 each year;
(iv) Shall be issued in any combination of one thousand dollars ($1,000.00), five hundred dollars ($500.00) or one hundred dollars ($100.00) denominations;
(v) Shall be consecutively numbered from the number one (1);
(vi) Shall be signed by the chairman of the board of county commissioners and attested by the county clerk who shall affix the county seal thereto;
(vii) May have attached when negotiated, semiannual interest coupons signed by the county treasurer.
(b) At the request of the purchaser or holder the county treasurer shall issue to him registered bonds or shall exchange registered bonds for coupon bonds. The principal and interest shall be payable at the office of the county treasurer of the county, at the office of the state treasurer or at some bank in the City of New York as designated by the board of county commissioners. The bonds shall not be sold for less than their full or par value and the accrued interest thereon at the time of delivery.
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