(a) In addition to the powers conferred upon institutions by other provisionsof this chapter, and notwithstanding any other provision of this title, anyinstitution is hereby authorized by and with the approval of the Governor,upon the affirmative vote of at least two thirds of its board, to borrow fromtime to time, for and in the name of the institution, such sum or sums as itmay determine necessary for the acquisition of real estate, improved orunimproved, whether or not such acquisition is in pursuance of the erectionof a project, and to secure payment thereof by a lien on such real estate;provided that interest upon the notes or bonds issued by an institutionpursuant to this section may be further secured by the pledge of anyendowment funds or unrestricted gifts from private sources available for theuse of such institution and which are not required by law or by previousbinding contract to be devoted to some other purpose.
(b) Notes or bonds issued by an institution pursuant to this section and theinterest thereon shall be required to be paid only from the real estate,endowment funds, or unrestricted gifts from private sources, includinginterest thereon, pledged to secure the notes or bonds so issued, or theproceeds from the sale or liquidation thereof, and shall in no eventconstitute a general obligation of such institution, the Commonwealth, theGovernor, the members of the board, nor any person executing the notes orbonds so issued.
(c) Any notes or bonds so issued are hereby made securities in which allpublic officers and bodies of this Commonwealth and all politicalsubdivisions thereof, all insurance companies and associations, all savingsbanks and savings institutions, including savings and loan associations inthis Commonwealth, may properly and legally invest funds under their control;and all notes or bonds so issued, their transfer and the income therefrom,including any profit derived from the sale thereof, shall at all times befree and exempt from taxation by this Commonwealth, and by any municipality,county or any political subdivision thereof.
(d) Any resolution or resolutions of the board authorizing notes or bonds tobe issued pursuant to this section may, at the discretion of the board,contain any provision or provisions which shall be a part of the contractwith the holders of notes or bonds so issued as are authorized by any othersection of this chapter in connection with the issuance of bonds byinstitutions.
(a) In addition to the powers conferred upon institutions by other provisionsof this chapter, and notwithstanding any other provision of this title, anyinstitution is hereby authorized by and with the approval of the Governor,upon the affirmative vote of at least two thirds of its board, to borrow fromtime to time, for and in the name of the institution, such sum or sums as itmay determine necessary for the acquisition of real estate, improved orunimproved, whether or not such acquisition is in pursuance of the erectionof a project, and to secure payment thereof by a lien on such real estate;provided that interest upon the notes or bonds issued by an institutionpursuant to this section may be further secured by the pledge of anyendowment funds or unrestricted gifts from private sources available for theuse of such institution and which are not required by law or by previousbinding contract to be devoted to some other purpose.
(b) Notes or bonds issued by an institution pursuant to this section and theinterest thereon shall be required to be paid only from the real estate,endowment funds, or unrestricted gifts from private sources, includinginterest thereon, pledged to secure the notes or bonds so issued, or theproceeds from the sale or liquidation thereof, and shall in no eventconstitute a general obligation of such institution, the Commonwealth, theGovernor, the members of the board, nor any person executing the notes orbonds so issued.
(c) Any notes or bonds so issued are hereby made securities in which allpublic officers and bodies of this Commonwealth and all politicalsubdivisions thereof, all insurance companies and associations, all savingsbanks and savings institutions, including savings and loan associations inthis Commonwealth, may properly and legally invest funds under their control;and all notes or bonds so issued, their transfer and the income therefrom,including any profit derived from the sale thereof, shall at all times befree and exempt from taxation by this Commonwealth, and by any municipality,county or any political subdivision thereof.
(d) Any resolution or resolutions of the board authorizing notes or bonds tobe issued pursuant to this section may, at the discretion of the board,contain any provision or provisions which shall be a part of the contractwith the holders of notes or bonds so issued as are authorized by any othersection of this chapter in connection with the issuance of bonds byinstitutions.
(a) In addition to the powers conferred upon institutions by other provisionsof this chapter, and notwithstanding any other provision of this title, anyinstitution is hereby authorized by and with the approval of the Governor,upon the affirmative vote of at least two thirds of its board, to borrow fromtime to time, for and in the name of the institution, such sum or sums as itmay determine necessary for the acquisition of real estate, improved orunimproved, whether or not such acquisition is in pursuance of the erectionof a project, and to secure payment thereof by a lien on such real estate;provided that interest upon the notes or bonds issued by an institutionpursuant to this section may be further secured by the pledge of anyendowment funds or unrestricted gifts from private sources available for theuse of such institution and which are not required by law or by previousbinding contract to be devoted to some other purpose.
(b) Notes or bonds issued by an institution pursuant to this section and theinterest thereon shall be required to be paid only from the real estate,endowment funds, or unrestricted gifts from private sources, includinginterest thereon, pledged to secure the notes or bonds so issued, or theproceeds from the sale or liquidation thereof, and shall in no eventconstitute a general obligation of such institution, the Commonwealth, theGovernor, the members of the board, nor any person executing the notes orbonds so issued.
(c) Any notes or bonds so issued are hereby made securities in which allpublic officers and bodies of this Commonwealth and all politicalsubdivisions thereof, all insurance companies and associations, all savingsbanks and savings institutions, including savings and loan associations inthis Commonwealth, may properly and legally invest funds under their control;and all notes or bonds so issued, their transfer and the income therefrom,including any profit derived from the sale thereof, shall at all times befree and exempt from taxation by this Commonwealth, and by any municipality,county or any political subdivision thereof.
(d) Any resolution or resolutions of the board authorizing notes or bonds tobe issued pursuant to this section may, at the discretion of the board,contain any provision or provisions which shall be a part of the contractwith the holders of notes or bonds so issued as are authorized by any othersection of this chapter in connection with the issuance of bonds byinstitutions.
