§ 24-12-18 Bonds. – (a) Issuance and sale of revenue bonds. Subject to the provisions of§§ 24-12-21 – 24-12-24 the authority is hereby authorized toprovide by resolution for the issuance, at one time or in series from time totime, of revenue bonds of the authority for the purpose of paying all or a partof the cost of any one or more projects, the construction, reconstruction,renovation, acquisition, maintenance, repair, operation or management of whichis authorized by this chapter, and making provision for working capital and areserve for interest. The principal of and the interest on the bonds shall bepayable solely from the funds herein provided for the payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates per annum,shall mature at such time or times not exceeding fifty (50) years from theirdate or dates, as may be determined by the authority, and may be maderedeemable before maturity, at the option of the authority, at such price orprices and under such terms and conditions as may be fixed by the authorityprior to the issuance of the bonds. The authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine to be for the best interests of the authority, but no such sale shallbe made at a price less than ninety-seven percent (97%) of the principal amountof the bonds.
(b) Form and execution of all bonds. The authorityshall determine the form and the manner of execution of all bonds issued underthe provisions of this chapter, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest, which may be at anybank or trust company within or without the state. In case any officer whosesignature or a facsimile of whose signature shall appear on any bonds orcoupons shall cease to be an officer before the delivery of the bonds, thesignature or the facsimile shall nevertheless be valid and sufficient for allpurposes the same as if the officer had remained in office until the delivery,and any bond may bear the facsimile signature of, or may be signed by, thepersons as at the actual time of the execution of the bond shall be the properofficers to sign the bond although at the date of the bond the persons may nothave been the officers. The bonds may be issued in coupon or in registeredform, and in certificated or book entry only form as the authority maydetermine, and provision may be made for the registration of any coupon bondsas to principal alone and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds.
§ 24-12-18 Bonds. – (a) Issuance and sale of revenue bonds. Subject to the provisions of§§ 24-12-21 – 24-12-24 the authority is hereby authorized toprovide by resolution for the issuance, at one time or in series from time totime, of revenue bonds of the authority for the purpose of paying all or a partof the cost of any one or more projects, the construction, reconstruction,renovation, acquisition, maintenance, repair, operation or management of whichis authorized by this chapter, and making provision for working capital and areserve for interest. The principal of and the interest on the bonds shall bepayable solely from the funds herein provided for the payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates per annum,shall mature at such time or times not exceeding fifty (50) years from theirdate or dates, as may be determined by the authority, and may be maderedeemable before maturity, at the option of the authority, at such price orprices and under such terms and conditions as may be fixed by the authorityprior to the issuance of the bonds. The authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine to be for the best interests of the authority, but no such sale shallbe made at a price less than ninety-seven percent (97%) of the principal amountof the bonds.
(b) Form and execution of all bonds. The authorityshall determine the form and the manner of execution of all bonds issued underthe provisions of this chapter, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest, which may be at anybank or trust company within or without the state. In case any officer whosesignature or a facsimile of whose signature shall appear on any bonds orcoupons shall cease to be an officer before the delivery of the bonds, thesignature or the facsimile shall nevertheless be valid and sufficient for allpurposes the same as if the officer had remained in office until the delivery,and any bond may bear the facsimile signature of, or may be signed by, thepersons as at the actual time of the execution of the bond shall be the properofficers to sign the bond although at the date of the bond the persons may nothave been the officers. The bonds may be issued in coupon or in registeredform, and in certificated or book entry only form as the authority maydetermine, and provision may be made for the registration of any coupon bondsas to principal alone and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds.
§ 24-12-18 Bonds. – (a) Issuance and sale of revenue bonds. Subject to the provisions of§§ 24-12-21 – 24-12-24 the authority is hereby authorized toprovide by resolution for the issuance, at one time or in series from time totime, of revenue bonds of the authority for the purpose of paying all or a partof the cost of any one or more projects, the construction, reconstruction,renovation, acquisition, maintenance, repair, operation or management of whichis authorized by this chapter, and making provision for working capital and areserve for interest. The principal of and the interest on the bonds shall bepayable solely from the funds herein provided for the payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates per annum,shall mature at such time or times not exceeding fifty (50) years from theirdate or dates, as may be determined by the authority, and may be maderedeemable before maturity, at the option of the authority, at such price orprices and under such terms and conditions as may be fixed by the authorityprior to the issuance of the bonds. The authority may sell such bonds in suchmanner, either at public or private sale, and for such price, as it maydetermine to be for the best interests of the authority, but no such sale shallbe made at a price less than ninety-seven percent (97%) of the principal amountof the bonds.
(b) Form and execution of all bonds. The authorityshall determine the form and the manner of execution of all bonds issued underthe provisions of this chapter, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest, which may be at anybank or trust company within or without the state. In case any officer whosesignature or a facsimile of whose signature shall appear on any bonds orcoupons shall cease to be an officer before the delivery of the bonds, thesignature or the facsimile shall nevertheless be valid and sufficient for allpurposes the same as if the officer had remained in office until the delivery,and any bond may bear the facsimile signature of, or may be signed by, thepersons as at the actual time of the execution of the bond shall be the properofficers to sign the bond although at the date of the bond the persons may nothave been the officers. The bonds may be issued in coupon or in registeredform, and in certificated or book entry only form as the authority maydetermine, and provision may be made for the registration of any coupon bondsas to principal alone and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds.
