31-4217 ISSUANCE OF BONDS -- TERMS -- NEGOTIABLE -- ACTIONS TO TEST VALIDITY -- CONCLUSIVE PRESUMPTIONS.
COUNTIES AND COUNTY LAW
CHAPTER 42
COUNTY HOUSING AUTHORITIES AND COOPERATION LAW
31-4217. Issuance of bonds -- Terms -- Negotiable -- Actions to test validity -- Conclusive presumptions. Bonds of an authority shall be authorized by its resolution and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates as the authority shall approve, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption, with or without premium as such resolution, its trust indenture, or the bonds so issued, may provide.
The bonds may be sold at public or private sale at not less than par.
In case any of the commissioners or officers of the authority, whose signatures appear on any bonds or coupons, shall cease to be such commissioners or officers before the delivery of such bonds, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this act shall be fully negotiable.
In any suit, action or proceedings, involving the validity or enforceability of any bond of an authority or the security thereof, any such bond, reciting, in substance, that it has been issued by the authority to aid in financing a housing project to provide dwelling accommodations for persons of low income, shall be conclusively deemed to have been issued for a housing project of such character and said project shall be conclusively deemed to have been planned, located and constructed in accordance with purposes and provisions of this act.