An authority may issue from time to time its bonds in such principal amountsas the authority shall deem necessary to provide sufficient funds to carryout any of its corporate purposes and powers, including but not limited tothe payment of all or any part of the cost of a project or projects. Theprincipal of, redemption premium, if any, and interest on such bonds shall bepayable solely from, and may be secured solely by, a pledge of and lien uponthe revenues, or any portion thereof, derived or to be derived by theauthority from one or more of its projects, or contributions or advances fromits members, or moneys derived from any source, as the authority shalldetermine. Bonds of the authority shall be authorized by a resolution adoptedby its board of directors, and such resolution shall be spread upon itsminutes. The bonds of each issue shall be dated, shall bear interest at suchrate or rates, shall mature at such time or times not exceeding fifty yearsfrom their date or dates, shall have such rank or priority 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 determined by theauthority. The authority shall determine the form of the bonds, including anyinterest coupons to be attached thereto, and the manner of execution of thebonds, and shall fix the denomination or denominations of the bonds and theplace or places of payment of principal and interest, which may be at anybank or trust company within or outside the Commonwealth. In case any officerwhose signature or a facsimile of whose signature appears on any bonds orcoupons shall cease to be such officer before the delivery of such bonds, hissignature or facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery. Thebonds may be issued in coupon or in registered form, or both, as theauthority may determine, and provisions may be made for the registration ofany coupon bonds as to principal alone and also as to both principal andinterest, and for the reconversion into coupon bonds of any bonds registeredas to both principal and interest. The authority may sell such bonds in suchmanner, either, at public or at private sale, and for such price as it maydetermine to be for the best interest of the authority and the membergovernmental units to be served thereby.
The issuance of such bonds shall not be subject to any limitations orconditions contained in any other law, and bonds may be issued withoutobtaining the consent of the Commonwealth or any political subdivisions, orof any agency, commission or instrumentality of either thereof, and withoutany other approvals, proceedings or the happening of any conditions or thingsother than those specifically required by this chapter and the provisions ofthe resolution authorizing the issuance of such bonds or the trust agreementsecuring the same.
An authority may issue from time to time its bonds in such principal amountsas the authority shall deem necessary to provide sufficient funds to carryout any of its corporate purposes and powers, including but not limited tothe payment of all or any part of the cost of a project or projects. Theprincipal of, redemption premium, if any, and interest on such bonds shall bepayable solely from, and may be secured solely by, a pledge of and lien uponthe revenues, or any portion thereof, derived or to be derived by theauthority from one or more of its projects, or contributions or advances fromits members, or moneys derived from any source, as the authority shalldetermine. Bonds of the authority shall be authorized by a resolution adoptedby its board of directors, and such resolution shall be spread upon itsminutes. The bonds of each issue shall be dated, shall bear interest at suchrate or rates, shall mature at such time or times not exceeding fifty yearsfrom their date or dates, shall have such rank or priority 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 determined by theauthority. The authority shall determine the form of the bonds, including anyinterest coupons to be attached thereto, and the manner of execution of thebonds, and shall fix the denomination or denominations of the bonds and theplace or places of payment of principal and interest, which may be at anybank or trust company within or outside the Commonwealth. In case any officerwhose signature or a facsimile of whose signature appears on any bonds orcoupons shall cease to be such officer before the delivery of such bonds, hissignature or facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery. Thebonds may be issued in coupon or in registered form, or both, as theauthority may determine, and provisions may be made for the registration ofany coupon bonds as to principal alone and also as to both principal andinterest, and for the reconversion into coupon bonds of any bonds registeredas to both principal and interest. The authority may sell such bonds in suchmanner, either, at public or at private sale, and for such price as it maydetermine to be for the best interest of the authority and the membergovernmental units to be served thereby.
The issuance of such bonds shall not be subject to any limitations orconditions contained in any other law, and bonds may be issued withoutobtaining the consent of the Commonwealth or any political subdivisions, orof any agency, commission or instrumentality of either thereof, and withoutany other approvals, proceedings or the happening of any conditions or thingsother than those specifically required by this chapter and the provisions ofthe resolution authorizing the issuance of such bonds or the trust agreementsecuring the same.
An authority may issue from time to time its bonds in such principal amountsas the authority shall deem necessary to provide sufficient funds to carryout any of its corporate purposes and powers, including but not limited tothe payment of all or any part of the cost of a project or projects. Theprincipal of, redemption premium, if any, and interest on such bonds shall bepayable solely from, and may be secured solely by, a pledge of and lien uponthe revenues, or any portion thereof, derived or to be derived by theauthority from one or more of its projects, or contributions or advances fromits members, or moneys derived from any source, as the authority shalldetermine. Bonds of the authority shall be authorized by a resolution adoptedby its board of directors, and such resolution shall be spread upon itsminutes. The bonds of each issue shall be dated, shall bear interest at suchrate or rates, shall mature at such time or times not exceeding fifty yearsfrom their date or dates, shall have such rank or priority 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 determined by theauthority. The authority shall determine the form of the bonds, including anyinterest coupons to be attached thereto, and the manner of execution of thebonds, and shall fix the denomination or denominations of the bonds and theplace or places of payment of principal and interest, which may be at anybank or trust company within or outside the Commonwealth. In case any officerwhose signature or a facsimile of whose signature appears on any bonds orcoupons shall cease to be such officer before the delivery of such bonds, hissignature or facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery. Thebonds may be issued in coupon or in registered form, or both, as theauthority may determine, and provisions may be made for the registration ofany coupon bonds as to principal alone and also as to both principal andinterest, and for the reconversion into coupon bonds of any bonds registeredas to both principal and interest. The authority may sell such bonds in suchmanner, either, at public or at private sale, and for such price as it maydetermine to be for the best interest of the authority and the membergovernmental units to be served thereby.
The issuance of such bonds shall not be subject to any limitations orconditions contained in any other law, and bonds may be issued withoutobtaining the consent of the Commonwealth or any political subdivisions, orof any agency, commission or instrumentality of either thereof, and withoutany other approvals, proceedings or the happening of any conditions or thingsother than those specifically required by this chapter and the provisions ofthe resolution authorizing the issuance of such bonds or the trust agreementsecuring the same.
