Rules for issuing improvement bonds

(a) The director of finance, upon authorizing resolution from the council, may issue improvement bonds. The resolution shall require one reading for its adoption. Improvement bonds shall bear the name of the improvement district, and: (1) Shall bear interest at a rate or rates not exceeding a rate or rates established by resolution enacted by the council payable at such time or times; (2) May be made payable as to both principal and interest at such place or places and in such manner within and without the State; (3) May be issued in coupon form without privilege of registration or registrable as to principal only or as to both principal and interest or in fully registrable form without coupons; (4) May be made registrable at such place or places within and without the State; and (5) May be subject to redemption, to being tendered for purchase or to being purchased prior to their stated maturity at the option of the County, the holder or either or both, all as determined by the council or the director of finance as herein provided. (b) Unless the council shall itself perform the actions, the director of finance shall: (1) Determine the date, denomination or denominations, interest payment dates, maturity date or dates, place or places of payment, registration privileges and place or places of registration, redemption price or prices and time or times and terms and conditions and method of redemption; (2)The rights of the holder to tender for purchase and the price or prices and time or times and terms and conditions upon which those rights may be exercised; (3) The rights to purchase and price or prices and the time or times and terms and conditions upon which those rights may be exercised and the purchase may be made; and (4) Determine all other details of bonds issued under this chapter. (c) The principal of and interest and premium, if any, on all bonds issued under this chapter shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for public and private debts. Dates of such payment shall take into account the dates that assessment installments for the improvement district are due. Improvement bonds shall be subject to call but not prior to the second interest date thereof as hereinafter provided and at such premium, if any, as may have been provided for in the resolution authorizing such bonds, but not in excess of the maximum premium provided in the resolution of the council adopted pursuant to section 12-10.