The bonds of an Authority shall be authorized by its resolution; shall be issued
in one or more series; and shall bear such date, mature at such time, and bear interest
at such rate as shall be determined by the Authority as necessary to issue and sell
such bonds, payable semi-annually, be in such denominations, be in such form, either
coupon or registered, be executed in such manner, be payable in such medium of payment,
at such place, and be subject to such terms of redemption and carry such registration
privileges as may be provided in such resolution, or in any trust, indenture or mortgage
properly made in pursuance thereof.
The bonds of an Authority may be sold at public or private sale at not less than par
and accrued interest. In case any of the officers of an Authority whose signatures appear on any bonds
or coupons shall cease to be officers before the delivery of such bonds their signatures
shall, nevertheless, be valid and sufficient for all purposes, the same as if such
officers had remained in office until such delivery.
The Authority shall have the power out of any funds available therefor to purchase
any bonds issued by it at a price not more than the par value thereof plus accrued
interest. All bonds so purchased shall be cancelled. This paragraph shall not apply to the redemption of bonds.
Any bond reciting in substance that it has been issued by an Authority to accomplish
the public purposes of this act shall be conclusively deemed in any suit, action or
proceeding involving the validity or enforceability of such bond or security therefor
to have been issued for such purpose.
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