9-4-619 - Bonds to be authorized by resolution -- Form -- Sale -- Negotiability -- Validity presumed.
9-4-619. Bonds to be authorized by resolution -- Form -- Sale -- Negotiability --Validity presumed.
(1) Bonds of an authority shall be authorized by resolution and may be issued in one ormore series and shall bear dates, mature, bear interest rates, be in denominations, be either couponor registered, carry conversion or registration privileges, have rank or priority, be executed, bepayable, and be subject to terms of redemption, with or without premium, as the resolution or itstrust indenture provides.
(2) The bonds may bear interest at a variable interest rate as the resolution provides. Theresolution may establish a method, formula, or index pursuant to which the interest rate on thebonds may be determined from time to time.
(3) In connection with the bonds the authority may authorize and enter into agreements orother arrangements with financial, banking, and other institutions for letters of credit, standbyletters of credit, surety bonds, reimbursement agreements, remarketing agreements, indexingagreements, tender agent agreements, and other agreements with respect to securing the bonds,with respect to enhancing the marketability and creditworthiness of the bonds, with respect todetermining a variable interest rate on the bonds, and with respect to the payment from anylegally available source, including the proceeds of the bonds, of fees, charges, and other amountscoming due with respect to any such agreements.
(4) The bonds may be sold at public or private sale in a manner and at prices, either at, inexcess of, or below par value, as provided by resolution.
(5) If members or officers of an authority whose signatures appear on bonds or couponscease to be members or officers before the delivery of the bonds, their signatures are valid andsufficient for all purposes.
(6) Any bonds issued under this part are fully negotiable.
(7) In any suit, action, or proceeding involving the validity or enforceability of any bondof an authority or the security for it, any bond reciting in substance that it has been issued by theauthority to aid in financing a project shall be conclusively deemed to have been issued for suchpurposes, and the project shall be conclusively deemed to have been planned, located, and carriedout in accordance with this part.
Renumbered and Amended by Chapter 241, 1992 General Session