A. The Director is authorized to provide for the issuance of revenue bonds ofthe Commonwealth for the purpose of paying all or any part of the cost ofcamping and recreational facilities. The principal and interest of the bondsshall be payable solely from the special fund provided in this chapter forsuch payment. All bonds shall be issued and sold through the Treasury Boardwhose approval of each of the determinations and designations specified insubsection B of this section shall be required.
B. The revenue bonds shall be dated, shall bear interest rates and be payableat times determined by the Director. The bonds shall mature no longer thanthirty years from their date and may be made redeemable before maturity, at aprice and under terms and conditions established by the Director prior to theissuance of the bonds. The principal and interest of bonds may be madepayable in any lawful medium.
C. The Director shall determine the form of the bonds, including any attachedinterest coupons, and shall fix the denominations of the bonds and the placesof payment of principal and interest, which may be at any bank or trustcompany. The bonds shall be signed by the Director and the State Treasurerand shall bear the lesser seal of the Commonwealth or a facsimile thereof,and any attached coupons shall bear the facsimile signature of the Director.The bonds may be executed with the facsimile signature of the Director andthe State Treasurer, in which case the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the Director. Ifany officer whose signature appears on the bonds or coupons ceases to be suchofficer before delivery of the bonds, the signature shall nevertheless bevalid and sufficient for all purposes.
D. All revenue bonds issued under the provisions of this chapter shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the Commonwealth. Such bonds and the incometherefrom shall be exempt from all taxation within the Commonwealth.
E. The bonds may be issued in coupon or in registered form, or both, as theDirector may determine, and provision may be made for the registration of anycoupon bond as to both principal and interest, and for the reconversion ofany bonds registered as to both principal and interest into coupon bonds.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
A. The Director is authorized to provide for the issuance of revenue bonds ofthe Commonwealth for the purpose of paying all or any part of the cost ofcamping and recreational facilities. The principal and interest of the bondsshall be payable solely from the special fund provided in this chapter forsuch payment. All bonds shall be issued and sold through the Treasury Boardwhose approval of each of the determinations and designations specified insubsection B of this section shall be required.
B. The revenue bonds shall be dated, shall bear interest rates and be payableat times determined by the Director. The bonds shall mature no longer thanthirty years from their date and may be made redeemable before maturity, at aprice and under terms and conditions established by the Director prior to theissuance of the bonds. The principal and interest of bonds may be madepayable in any lawful medium.
C. The Director shall determine the form of the bonds, including any attachedinterest coupons, and shall fix the denominations of the bonds and the placesof payment of principal and interest, which may be at any bank or trustcompany. The bonds shall be signed by the Director and the State Treasurerand shall bear the lesser seal of the Commonwealth or a facsimile thereof,and any attached coupons shall bear the facsimile signature of the Director.The bonds may be executed with the facsimile signature of the Director andthe State Treasurer, in which case the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the Director. Ifany officer whose signature appears on the bonds or coupons ceases to be suchofficer before delivery of the bonds, the signature shall nevertheless bevalid and sufficient for all purposes.
D. All revenue bonds issued under the provisions of this chapter shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the Commonwealth. Such bonds and the incometherefrom shall be exempt from all taxation within the Commonwealth.
E. The bonds may be issued in coupon or in registered form, or both, as theDirector may determine, and provision may be made for the registration of anycoupon bond as to both principal and interest, and for the reconversion ofany bonds registered as to both principal and interest into coupon bonds.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
A. The Director is authorized to provide for the issuance of revenue bonds ofthe Commonwealth for the purpose of paying all or any part of the cost ofcamping and recreational facilities. The principal and interest of the bondsshall be payable solely from the special fund provided in this chapter forsuch payment. All bonds shall be issued and sold through the Treasury Boardwhose approval of each of the determinations and designations specified insubsection B of this section shall be required.
B. The revenue bonds shall be dated, shall bear interest rates and be payableat times determined by the Director. The bonds shall mature no longer thanthirty years from their date and may be made redeemable before maturity, at aprice and under terms and conditions established by the Director prior to theissuance of the bonds. The principal and interest of bonds may be madepayable in any lawful medium.
C. The Director shall determine the form of the bonds, including any attachedinterest coupons, and shall fix the denominations of the bonds and the placesof payment of principal and interest, which may be at any bank or trustcompany. The bonds shall be signed by the Director and the State Treasurerand shall bear the lesser seal of the Commonwealth or a facsimile thereof,and any attached coupons shall bear the facsimile signature of the Director.The bonds may be executed with the facsimile signature of the Director andthe State Treasurer, in which case the bonds shall be authenticated by acorporate trustee or other authenticating agent approved by the Director. Ifany officer whose signature appears on the bonds or coupons ceases to be suchofficer before delivery of the bonds, the signature shall nevertheless bevalid and sufficient for all purposes.
D. All revenue bonds issued under the provisions of this chapter shall haveall the qualities and incidents of negotiable instruments under thenegotiable instruments law of the Commonwealth. Such bonds and the incometherefrom shall be exempt from all taxation within the Commonwealth.
E. The bonds may be issued in coupon or in registered form, or both, as theDirector may determine, and provision may be made for the registration of anycoupon bond as to both principal and interest, and for the reconversion ofany bonds registered as to both principal and interest into coupon bonds.
(Code 1950, § 10-103; 1958, c. 484; 1986, c. 498; 1988, c. 891.)
