§39-57  Same, signatures.  Therevenue bonds bearing the signature of officers in office on the date of thesigning thereof shall be valid and sufficient for all purposes, and shall havethe same effect as if the persons officially signing the revenue bonds hadremained in office until the delivery of the revenue bonds to the initialpurchasers thereof, and in the case of fully registered revenue bonds upon anyexchange or transfer between subsequent holders thereof, notwithstanding thatthe term of office of those persons or any of them may have expired or they mayotherwise have ceased to be those officers before the delivery, exchange, ortransfer.  If the director of finance shall have designated a registrar forfully registered revenue bonds, the certificate or resolution authorizing therevenue bonds may provide that none of those fully registered revenue bondsshall be valid or obligatory for any purpose unless certified or authenticatedby the registrar.  If the certificate or resolution so provides, then allsignatures of the officers of the State upon the fully registered revenue bondsmay be facsimiles of the signatures, and the fully registered revenue bondsshall be valid and sufficient only if certified or authenticated by the manualsignature of an authorized officer or signatory of the registrar.

Anything to the contrary notwithstanding, ifblanks of fully registered revenue bonds shall be held by a registrar pendingexchange or transfer for other fully registered revenue bonds of the same series,then upon delivery of revenue bonds in an exchange or transfer, the revenuebonds shall be valid and sufficient for all purposes, notwithstanding that thesignatures of the officers of the State appearing thereon shall be those of thepersons in office at the time of initial delivery of the revenue bonds or thoseof the persons in office at the time of the exchange or transfer.  The validityof the revenue bonds shall not be dependent on or affected by the validity orregularity of any proceedings relating to the acquisition, purchase,construction, reconstruction, improvement, betterment, or extension of theundertaking or establishment or administration of the loan program authorizedby law for which the revenue bonds are issued.

The resolution or certificate authorizing therevenue bonds shall provide that the revenue bonds shall contain a recital thatthey are issued pursuant to this part, which recital shall be conclusiveevidence of their validity and of the regularity of their issuance. [L 1988, c28, pt of §3]