For the purpose of paying all or such portion of the cost of any improvements, special or local improvement bonds of the town may be issued as of such date and in such form as may be prescribed by ordinance of the council. Special or local improvement bonds may be issued at any time after an improvement district is created, either before, simultaneously with or after the levy of assessments based on the then current estimates of the cost of the improvements. Except as hereinafter provided, the bonds shall be payable out of the monies collected from such assessments for any improvements shall be applied to the payment of the bonds issued until payment in full is made of all the bonds, both principal and interest, except that the town may reimburse itself for monies advanced to pay bonds or interest thereon, from monies subsequently received from assessments and not then needed to maintain or restore current payments of interest and substantially equal annual payments of principal on the bonds. The bonds may be used in payment of the cost of improvements as herein specified, or the council, in its discretion, may sell the bonds at public or private sale, at, above or below par to pay such costs in cash. The bonds shall bear interest as may be fixed by the council. The bonds shall mature, bear interest, be subject to redemption prior to maturity, be payable at such time or times and at such place or places and contain such terms, conditions and provisions as the council shall determine in the ordinance authorizing the issuance of the bonds. (Ord. 9, Series 1988)