A. Each academy is hereby authorized, after a resolution adopted by amajority of its board of directors, to issue, at one time or from time totime, revenue bonds of the academy on a taxable or tax-exempt basis for thepurpose of acquiring, purchasing, constructing, reconstructing, or improvingtraining facilities and acquiring necessary land or equipment therefor, andto refund any bonds issued for such purposes. The bonds of each issue shallbe dated, shall mature at such time or times not exceeding forty years fromtheir issue date or dates and shall bear interest at such fixed or variablerate or rates as may be determined by the board of directors, and may be maderedeemable before maturity at the option of the board of directors at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The board of directors shalldetermine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall affixthe denomination or denominations of the bonds and the place or places ofpayment of principal and interest, which may be at any bank or trust companywithin or outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to besuch officer before the delivery of such bonds, such signature or facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. Notwithstanding any of the otherprovisions of this article or any recitals in any bonds issued under theprovisions of this article, all such bonds shall be deemed to be negotiableinstruments under the laws of this Commonwealth. The bonds may be issued incoupon or registered form or both, as the board of directors may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The board of directors may sell such bonds in such manner,either at public or private sale, and for such price as it may determine tobe for the best interests of the academy.
B. The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the board of directors may deemproper and such additional bonds as shall be issued under such restrictionand limitations as may be prescribed by such resolution or trust agreement.
C. Bonds may be issued under the provisions of this article without obtainingthe consent of any commission, board, bureau, or agency of the Commonwealthor of any political subdivision and without any other proceedings orconditions as are specifically required by this article.
D. Bonds issued under the provisions of this article shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision thereofor a pledge of the faith and credit of the Commonwealth or of any politicalsubdivision thereof. The bonds shall be payable solely from revenues or otherproperty of the academy specifically pledged for such purpose.
E. "Bonds" or "revenue bonds" as used in this article shall embracenotes, bonds and other obligations authorized to be issued pursuant to thisarticle.
A. Each academy is hereby authorized, after a resolution adopted by amajority of its board of directors, to issue, at one time or from time totime, revenue bonds of the academy on a taxable or tax-exempt basis for thepurpose of acquiring, purchasing, constructing, reconstructing, or improvingtraining facilities and acquiring necessary land or equipment therefor, andto refund any bonds issued for such purposes. The bonds of each issue shallbe dated, shall mature at such time or times not exceeding forty years fromtheir issue date or dates and shall bear interest at such fixed or variablerate or rates as may be determined by the board of directors, and may be maderedeemable before maturity at the option of the board of directors at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The board of directors shalldetermine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall affixthe denomination or denominations of the bonds and the place or places ofpayment of principal and interest, which may be at any bank or trust companywithin or outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to besuch officer before the delivery of such bonds, such signature or facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. Notwithstanding any of the otherprovisions of this article or any recitals in any bonds issued under theprovisions of this article, all such bonds shall be deemed to be negotiableinstruments under the laws of this Commonwealth. The bonds may be issued incoupon or registered form or both, as the board of directors may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The board of directors may sell such bonds in such manner,either at public or private sale, and for such price as it may determine tobe for the best interests of the academy.
B. The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the board of directors may deemproper and such additional bonds as shall be issued under such restrictionand limitations as may be prescribed by such resolution or trust agreement.
C. Bonds may be issued under the provisions of this article without obtainingthe consent of any commission, board, bureau, or agency of the Commonwealthor of any political subdivision and without any other proceedings orconditions as are specifically required by this article.
D. Bonds issued under the provisions of this article shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision thereofor a pledge of the faith and credit of the Commonwealth or of any politicalsubdivision thereof. The bonds shall be payable solely from revenues or otherproperty of the academy specifically pledged for such purpose.
E. "Bonds" or "revenue bonds" as used in this article shall embracenotes, bonds and other obligations authorized to be issued pursuant to thisarticle.
A. Each academy is hereby authorized, after a resolution adopted by amajority of its board of directors, to issue, at one time or from time totime, revenue bonds of the academy on a taxable or tax-exempt basis for thepurpose of acquiring, purchasing, constructing, reconstructing, or improvingtraining facilities and acquiring necessary land or equipment therefor, andto refund any bonds issued for such purposes. The bonds of each issue shallbe dated, shall mature at such time or times not exceeding forty years fromtheir issue date or dates and shall bear interest at such fixed or variablerate or rates as may be determined by the board of directors, and may be maderedeemable before maturity at the option of the board of directors at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. The board of directors shalldetermine the form of the bonds, including any interest coupons to beattached thereto, and the manner of execution of the bonds, and shall affixthe denomination or denominations of the bonds and the place or places ofpayment of principal and interest, which may be at any bank or trust companywithin or outside the Commonwealth. In case any officer whose signature or afacsimile of whose signature appears on any bonds or coupons ceases to besuch officer before the delivery of such bonds, such signature or facsimileshall nevertheless be valid and sufficient for all purposes the same as if hehad remained in office until such delivery. Notwithstanding any of the otherprovisions of this article or any recitals in any bonds issued under theprovisions of this article, all such bonds shall be deemed to be negotiableinstruments under the laws of this Commonwealth. The bonds may be issued incoupon or registered form or both, as the board of directors may determine,and provision may be made for the registration of any coupon bonds as toprincipal alone and also as to both principal and interest, and for thereconversion into coupon bonds of any bonds registered as to both principaland interest. The board of directors may sell such bonds in such manner,either at public or private sale, and for such price as it may determine tobe for the best interests of the academy.
B. The resolution providing for the issuance of revenue bonds, and any trustagreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the board of directors may deemproper and such additional bonds as shall be issued under such restrictionand limitations as may be prescribed by such resolution or trust agreement.
C. Bonds may be issued under the provisions of this article without obtainingthe consent of any commission, board, bureau, or agency of the Commonwealthor of any political subdivision and without any other proceedings orconditions as are specifically required by this article.
D. Bonds issued under the provisions of this article shall not be deemed toconstitute a debt of the Commonwealth or of any political subdivision thereofor a pledge of the faith and credit of the Commonwealth or of any politicalsubdivision thereof. The bonds shall be payable solely from revenues or otherproperty of the academy specifically pledged for such purpose.
E. "Bonds" or "revenue bonds" as used in this article shall embracenotes, bonds and other obligations authorized to be issued pursuant to thisarticle.
