Bond provisions.
Memphis Charter, art. 78, § 879
in effectSec. 879. - Bond provisions.
The bonds may be issued in one or more series, may bear such date or dates, shall mature serially, commencing not later than five years from the date thereof, at such time or times, not exceeding forty years from their respective dates, may bear interest at such rate or rates, not exceeding six percent per annum, payable semiannually, may be in such denomination, may be in such form, either coupon or registered, may be payable at such place or places, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption, with or without premium, and may be declared to become due before the maturity date thereof, as may be provided by ordinance of the governing body of the municipality. Said bonds may be sold at public or private sale by order of said Board of Commissioners or other governing body at such times and places in such lots and manner as said Board of Commissioners or governing authorities may deem best. No bonds shall be sold at less than par and accrued interest. The bonds shall be fully negotiable for all purposes. The validity of the authorization and issuance of the bonds authorized under this Act shall not be dependent on or affected in any way by proceedings taken for the construction of any public works project or contracts made in connection with the construction of any public works project. Bonds issued under this Act bearing the signature of officers in office on the date of signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof any or all of the persons whose signatures appear thereon shall have ceased to be officers of the municipality issuing the same. Pending the preparation or delivery of the definitive bonds for the purpose of financing the construction of a public works project, interim certificates or other temporary obligations may be issued by the municipality to the purchaser of such bonds. Such interim certificates or other temporary obligations shall be in such form and contain such terms, conditions and provisions as the governing body of the municipality issuing the same may determine. At any time after the bonds have been delivered to the purchaser thereof such bonds may be repurchased by the municipality at a price not more than the principal amount thereof plus the accrued interest, and all bonds so purchased shall be cancelled.
The passage of the ordinance of said City directing the issuance of said bonds and their sale shall be conclusive evidence in favor of any purchaser thereof of the necessity of such bond issue, and the receipt of the City Treasurer for the proceeds of said bonds shall be a full acquittance to the purchaser, who shall be under no obligation to see to the actual application of said proceeds.
(Priv. Acts 1935, ch. 108, § 12, 1st Spec. Sess.)
Source: City of Memphis, Code of Ordinances and Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/tn/memphis/codes/charter?nodeId=PTICHRELA_ART78PUWOAC_S879BOPRFetched: 10/28/2026