49-3-1105 - Bond issuance and sale.
49-3-1105. Bond issuance and sale.
(a) (1) Bonds issued under this part shall be authorized by resolution of the board.
(2) These bonds shall bear interest at such rate or rates, payable semiannually, may be issued in one (1) or more series, may bear such date or dates, may be in such denomination or denominations, may mature at such time or times, not exceeding fifty (50) years from their respective dates, may be in such form, either coupon or registered, may carry such registration privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without premium, may contain such terms, covenants and conditions, and may be declared or become due before the maturity date of the bonds, as such resolution or other resolutions may provide.
(3) The bonds may be sold at public or private sale at not less than par.
(4) Pending the preparation of the definitive bonds, interim receipts or certificates, in such form and with such provisions as the board may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this part.
(5) These bonds and interim receipts and certificates shall be fully negotiable within the meaning and for all the purposes of the Uniform Commercial Code, compiled in title 47, chapters 1-9.
(b) (1) The bonds bearing the signature of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds any or all of the persons whose signatures appear on the bonds have ceased to be officers of the board.
(2) The validity of the bonds shall not be dependent on nor affected by the validity or regularity of any proceedings to acquire the project financed by the bonds or taken in connection with the bonds.
[Acts 1943, ch. 135, §§ 4, 8; C. Supp. 1950, §§ 2316.4, 2316.8 (Williams, §§ 2316.16, 2316.20); Acts 1963, ch. 300, § 1; modified; Acts 1980, ch. 601, § 14; T.C.A. (orig. ed.), §§ 49-3504, 49-3508.]