51-513.

Museums; revenue bonds; purpose; issuance; payable; sale; refunding.

The city council of any city, the board of trustees of any incorporated village, the county board of any county and the electors of any township at their annual town meeting, who have established a museum pursuant to the provisions of sections 51-501 to 51-503, shall have the power to issue revenue bonds for the purpose of (1) purchasing and improving a site or sites for the location of a museum or museum buildings, structures or educational or historical exhibits, (2) erecting museum buildings, structures and educational or historical exhibits, (3) acquiring historical collections and other museum items, (4) acquiring furniture, furnishings and equipment for any of the foregoing, or (5) paying any outstanding notes, obligations, or other indebtedness incurred in connection with the museum. Such revenue bonds shall be payable solely from the admission charges authorized by section 51-508, nontax revenue received from the operation of such museum, or from unrestricted gifts, devises, or other property and funds of such museum. Such bonds shall be of such tenure, form, and denominations, be payable in such installments, at such time or times not exceeding forty years from their date, and at such place or places, bear interest at such rate or rates payable at such place or places and evidenced in such manner, be redeemable prior to maturity with or without premium, and contain such other provisions not inconsistent with the provisions of this section as the governing body of the issuing city, village, county or township shall determine. All bonds issued under the authority of this section and all interest coupons applicable thereto shall be construed to be negotiable instruments despite the fact that they are payable solely from a specified source. Such bonds may be sold at public or private sale in such manner and at such times as may be determined by the governing body of the issuer. Any bonds issued under the provisions of this section and at any time outstanding may at any time and from time to time be refunded by the issuing agency by the issuance of its refunding bonds in such amount as the governing body may deem necessary but not exceeding an amount sufficient to refund the principal of the bonds to be so refunded, together with any unpaid interest thereon and any premiums necessary to be paid in connection therewith. Such refunding may be either by sale of the refunding bonds and the application of the proceeds thereof for the payment of the bonds to be refunded thereby or by exchange of the refunding bonds for the bonds to be refunded thereby.