Sec 35-468.02. Issuance of bonds

A. The governing body of the political subdivision shall authorize and issue the bonds, except that the board of supervisors of the county where a school district is located, or the larger portion of a school district, if the district is located in more than one county, shall act as the governing body of the school district solely for the purpose of selling, authorizing and issuing bonds of the school district. The bonds are fully negotiable within the meaning and for all purposes provided by title 47.

B. The bonds may be issued in one or more series, bear such dates, be payable in such medium of payment and at such places, bear such rates of interest, including variable rates, carry such registration privileges and prior redemption provisions, be executed in such manner, contain such other terms, covenants and conditions and be in such form as the governing body of the political subdivision may prescribe. The bonds shall be sold at, above or below par in such manner as the governing body may determine.

C. The portion of the principal of the bonds payable from water transportation revenues shall not be construed to be a debt of the political subdivision.