§206-29  Form and sale of bonds.  The
bonds of the board of land and natural resources shall be authorized by
resolution and may be issued in one or more series and shall bear a date or
dates, mature at a time or times, not exceeding sixty years from the date
thereof, bear interest at a rate or rates, not exceeding six per cent a year,
be in a denomination or denominations, be in a form either coupon or
registered, carry conversion or registration privileges, have a rank or
priority, be executed in a manner, be payable in a medium of payment, at a
place or places, and be subject to terms or redemption (with or without
premium) that the resolution, its trust indenture, or mortgage may provide.



The bonds shall be sold at not less than par at
public sale held after public notice given at least five days prior to the sale
statewide; provided that the bonds may be sold at not less than par to the
federal government at private sale without any public notice.



If any member or officer of the board whose
signature appears on any bond or coupon ceases to be a member or official
before the delivery of a bond, the member's or officer's signature,
nevertheless, shall be valid and sufficient for all purposes, the same as if
the member or officer had remained in office until its delivery.  Any provision
of any law to the contrary notwithstanding, all bonds issued pursuant to this
chapter shall be fully negotiable.



In any suit, action, or proceedings, involving
the validity or enforcement of any bond of the board or the security therefor,
any bond, reciting in substance that it has been issued by the board to aid in
financing a development project, shall be conclusively deemed to have been
issued for a development project, and the project shall be conclusively deemed
to have been planned, located, and constructed in accordance with the purposes
and provisions of this chapter. [L 1961, c 6, §27; Supp, §98J-27; HRS §206-29;
gen ch 1985; am L 1998, c 2, §65]