§206-29  Form and sale of bonds.  Thebonds of the board of land and natural resources shall be authorized byresolution and may be issued in one or more series and shall bear a date ordates, mature at a time or times, not exceeding sixty years from the datethereof, 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 orregistered, carry conversion or registration privileges, have a rank orpriority, be executed in a manner, be payable in a medium of payment, at aplace or places, and be subject to terms or redemption (with or withoutpremium) that the resolution, its trust indenture, or mortgage may provide.

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

If any member or officer of the board whosesignature appears on any bond or coupon ceases to be a member or officialbefore the delivery of a bond, the member's or officer's signature,nevertheless, shall be valid and sufficient for all purposes, the same as ifthe member or officer had remained in office until its delivery.  Any provisionof any law to the contrary notwithstanding, all bonds issued pursuant to thischapter shall be fully negotiable.

In any suit, action, or proceedings, involvingthe 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 infinancing a development project, shall be conclusively deemed to have beenissued for a development project, and the project shall be conclusively deemedto have been planned, located, and constructed in accordance with the purposesand provisions of this chapter. [L 1961, c 6, §27; Supp, §98J-27; HRS §206-29;gen ch 1985; am L 1998, c 2, §65]