36-30 - Form and sale of bonds; presumption of validity.
§ 36-30. Form and sale of bonds; presumption of validity.
Bonds of an authority shall be authorized by its resolution and may be issuedin one or more series and shall bear such date or dates, mature at such timeor times, bear interest at such rate or rates, be in such denomination ordenominations, be in such form, either coupon or registered, carry suchconversion or registration privileges, have such rank of priority, beexecuted in such manner, be payable in such medium of payment, at such placeor places, and be subject to such terms of redemption (with or withoutpremium) as such resolution, its trust indenture or mortgage 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 whosesignatures appear on any bonds or coupons shall cease to be suchcommissioners or officers before the delivery of such bonds, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same as ifsuch commissioners or officers had remained in office until such delivery.Any provisions of any law to the contrary notwithstanding, any bonds issuedpursuant to this chapter shall be fully negotiable.
In any suit, action or proceedings involving the validity or enforceabilityof any bond of an authority or the security therefor, any such bond recitingin substance that it has been issued by the authority to aid in financing ahousing project to provide dwelling accommodations for persons of low incomeshall be conclusively deemed to have been issued for a housing project ofsuch character and such project shall be conclusively deemed to have beenplanned, located and constructed in accordance with the purposes andprovisions of this chapter.
(1938, p. 454; Michie Code 1942, § 3145(15); 1972, c. 466; 1980, c. 133.)