§ 157-15. Form and sale of bonds.
§ 157‑15. Form andsale of bonds.
The bonds of the authority shall be authorized by its resolution andshall be issued in one or more series and shall bear such date or dates, matureat such time or times, not exceeding 60 years from their respective dates, bearinterest at such rate or rates, be in such denominations (which may be madeinterchangeable), be in such form, either coupon or registered, carry suchregistration privileges, be executed in such manner, be payable in such mediumof payment, at such place or places, and be subject to such terms of redemption(with or without premium) as such resolution or its trust indenture or mortgagemay provide.
The bonds may be sold at public or private sale; provided, however,that no public sale shall be held unless notice thereof is published once atleast 10 days prior to such sale in a newspaper having a general circulation inthe city in which the authority is located and in a financial newspaperpublished in the City of New York, New York, or in the City of Chicago,Illinois. The bonds may be sold at such price or prices as the authority shalldetermine.
Pending the authorization, preparation, execution or delivery ofdefinitive bonds, the authority may issue interim certificates, or othertemporary obligations, to the purchaser of such bonds. Such interimcertificates, or other temporary obligations, shall be in such form, containsuch terms, conditions and provisions, bear such date or dates, and evidencesuch agreements relating to their discharge or payment or the delivery ofdefinitive bonds as the authority may by resolution, trust indenture ormortgage determine.
In case any of the officers whose signatures appear on any bonds orcoupons shall cease to be such officers before the delivery of such bonds, suchsignatures shall, nevertheless, be valid and sufficient for all purposes, thesame as if they had remained in office until such delivery.
The authority shall have power out of any funds available therefor topurchase any bonds issued by it at a price not more than the principal amountthereof and the accrued interest; provided, however, that bonds payableexclusively from the revenues of a designated project or projects shall bepurchased out of any such revenues available therefor. All funds so purchasedshall be cancelled. This paragraph shall not apply to the redemption of bonds.
Any provision of any law to the contrary notwithstanding, any bonds,interim certificates, or other obligations issued pursuant to this Articleshall be fully negotiable. (1935, c. 456, s. 15; 1971, c. 87, s. 1; 1977, c. 784, s. 2.)