§ 35-8.1-15 - Form of bonds.
SECTION 35-8.1-15
§ 35-8.1-15 Form of bonds. – (a) Bonds shall be authorized by resolution of the authority and may be issuedin one or more series and shall bear such date or dates, mature at such time ortimes, be in such denomination or denominations, be in such form, carry suchconversion or registration privileges, have such rank or priority, be executedin such manner, be payable from such sources, in such medium of payment, atsuch place or places within or without the state, and be subject to such termsof redemption, with or without premium, as the authority shall determine. Therate or rates of interest on the bonds may be fixed or variable. Variable ratesshall be determined in the manner and in accordance with the proceduresestablished by the authority prior to the issuance of the bonds. Bonds bearinga variable rate of interest may be converted to bonds bearing a fixed rate ofinterest to the extent and in the manner determined by the authority prior tothe issuance of the bonds. The interest on bonds may be payable semiannually orannually or at any other interval as may be provided by the authority prior tothe issuance of the bonds, or the interest may be compounded and paid atmaturity or at any other times as may be specified by the authority prior tothe issuance of the bonds.
(b) In case any person whose signature or facsimile of whosesignature shall appear on any bonds shall cease to be an officer before thedelivery of the bonds, the signature or the facsimile shall nevertheless bevalid and sufficient for all purposes the same as if he or she had remained inoffice until delivery. The bonds may be issued in coupon form or in any formpermitted by chapter 13 of this title, or both, as the authority may determine,and provision may be made for the registration of any coupon form bonds as toprincipal alone and also as to both principal and interest, for thereconversion into coupon form bonds of any bonds registered as to bothprincipal and interest, and for the interchange of registered and coupon formbonds. The authority may sell these bonds in such manner, either at public orprivate sale, and for such price as it may determine will best effect thepurposes of this chapter.
(c) The authority may, if it deems it desirable to do so,cause the bonds to conform to any requirements imposed to exempt the interestpaid on the bonds from federal income taxation.
(d) The proceeds of the bonds shall be loaned to the stateand shall be disbursed in such manner and under such restrictions, if any, asthe authority may provide in the resolution authorizing the issuance of thebonds or in the loan and trust agreement mentioned in § 35-8.1-16 securingthe bonds. Any surplus proceeds may be used to repurchase bonds of theauthority, may be deposited to the credit of any reserve fund for the bonds, ormay be used for any other purpose of the authority consistent herewith.
(e) Bonds may be issued under the provisions of this chapterwithout obtaining the consent of any department, division, commission, board,bureau, or agency of the state, and without any other proceedings or thehappening of any other conditions or things than those proceedings, conditions,or things which are specifically required by this chapter. Notwithstanding theforegoing, the authority shall be subject to chapter 10.1 of title 42 (PublicFinance Management Board).