OpenLegislation

Paragraph 1

Original text. Later amendments are not shown.

Local bonds shall—

(a)

be secured upon all the rates, property and revenues of the local authority ;

(b)

bear interest at such rate as the local authority may determine at the time of the issue of the bonds ;

(c)

be issued in denominations of five, ten, twenty, fifty, and one hundred pounds and multiples of hundred pounds ;

(d)

be issued for periods of not less than five years.