7-7-4211. Citizen bonds authorized. (1) A city or town authorized to sell general obligation bonds under this chapter may issue and sell any portion of the bond in denominations of less than $5,000, either by competitive public sale or directly to members of the public, at preestablished interest rates.
     (2) Citizen bonds may be issued for any purpose for which a city or town may issue general obligation bonds.
     (3) Bonds issued under 7-7-4211 through 7-7-4213 may be known as "citizen bonds".
     (4) An officer, employee, contracted financial consultant, or contracted advisor employed or retained by a city or town selling citizen bonds may not purchase those bonds.

     History: En. Sec. 1, Ch. 511, L. 1989.