An authority created pursuant to this article is hereby authorized to provideby resolution for the issuance, at one time or from time to time, of revenuebonds of the authority for the purpose of paying all or any part of the costof the project. The principal of and the interest on such bonds shall bepayable solely from the funds herein provided for such payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates as shallbe fixed by the authority, shall mature at such time or times not exceedingforty years from their date or dates, as may be determined by the authority,and may be made redeemable before maturity, at the option of the authority,at such price or prices and under such terms and conditions as may be fixedby the authority prior to the issuance of the bonds. The authority shalldetermine the form and the manner of execution of the bonds, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations of the bonds and the place or places of payment of principaland interest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature shall cease to be such officer before the delivery of such bonds,such signature or such facsimile shall nevertheless be valid and sufficientfor all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any other provision of this article or any recitalsin any bonds issued under the provisions of this article, all such bondsshall be deemed to be negotiable instruments under the laws of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as both principal and interest and for the interchange ofregistered and coupon bonds. The authority may sell such bonds in suchmanner, either at public or negotiated sale, or for such price, as it maydetermine will best effectuate the purposes of this article.
The proceeds of the bonds shall be used solely for the payment of the cost ofthe project and shall be disbursed in such manner and under suchrestrictions, if any, as the authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issuance,by error of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofsuch bonds or in the trust agreement securing the same, shall be deemed to bethe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this articlewithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any conditions other than those proceedings or conditionswhich are specifically required by this article.
Revenue bonds issued under the provisions of this article shall not be deemedto constitute a pledge of the faith and credit of the Commonwealth or of anypolitical subdivision thereof. All such bonds shall contain a statement ontheir face substantially to the effect that neither the faith and credit ofthe Commonwealth nor the faith and credit of any county, city, town, or othersubdivision of the Commonwealth is pledged to the payment of the principal ofor the interest on such bonds. The issuance of revenue bonds under theprovisions of this article shall not directly or indirectly or contingentlyobligate the Commonwealth or any county, city, town, or other subdivision ofthe Commonwealth to levy any taxes whatever therefor or to make anyappropriation for their payment except from the funds pledged under theprovisions of this article.
An authority created pursuant to this article is hereby authorized to provideby resolution for the issuance, at one time or from time to time, of revenuebonds of the authority for the purpose of paying all or any part of the costof the project. The principal of and the interest on such bonds shall bepayable solely from the funds herein provided for such payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates as shallbe fixed by the authority, shall mature at such time or times not exceedingforty years from their date or dates, as may be determined by the authority,and may be made redeemable before maturity, at the option of the authority,at such price or prices and under such terms and conditions as may be fixedby the authority prior to the issuance of the bonds. The authority shalldetermine the form and the manner of execution of the bonds, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations of the bonds and the place or places of payment of principaland interest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature shall cease to be such officer before the delivery of such bonds,such signature or such facsimile shall nevertheless be valid and sufficientfor all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any other provision of this article or any recitalsin any bonds issued under the provisions of this article, all such bondsshall be deemed to be negotiable instruments under the laws of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as both principal and interest and for the interchange ofregistered and coupon bonds. The authority may sell such bonds in suchmanner, either at public or negotiated sale, or for such price, as it maydetermine will best effectuate the purposes of this article.
The proceeds of the bonds shall be used solely for the payment of the cost ofthe project and shall be disbursed in such manner and under suchrestrictions, if any, as the authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issuance,by error of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofsuch bonds or in the trust agreement securing the same, shall be deemed to bethe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this articlewithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any conditions other than those proceedings or conditionswhich are specifically required by this article.
Revenue bonds issued under the provisions of this article shall not be deemedto constitute a pledge of the faith and credit of the Commonwealth or of anypolitical subdivision thereof. All such bonds shall contain a statement ontheir face substantially to the effect that neither the faith and credit ofthe Commonwealth nor the faith and credit of any county, city, town, or othersubdivision of the Commonwealth is pledged to the payment of the principal ofor the interest on such bonds. The issuance of revenue bonds under theprovisions of this article shall not directly or indirectly or contingentlyobligate the Commonwealth or any county, city, town, or other subdivision ofthe Commonwealth to levy any taxes whatever therefor or to make anyappropriation for their payment except from the funds pledged under theprovisions of this article.
An authority created pursuant to this article is hereby authorized to provideby resolution for the issuance, at one time or from time to time, of revenuebonds of the authority for the purpose of paying all or any part of the costof the project. The principal of and the interest on such bonds shall bepayable solely from the funds herein provided for such payment. The bonds ofeach issue shall be dated, shall bear interest at such rate or rates as shallbe fixed by the authority, shall mature at such time or times not exceedingforty years from their date or dates, as may be determined by the authority,and may be made redeemable before maturity, at the option of the authority,at such price or prices and under such terms and conditions as may be fixedby the authority prior to the issuance of the bonds. The authority shalldetermine the form and the manner of execution of the bonds, including anyinterest coupons to be attached thereto, and shall fix the denomination ordenominations of the bonds and the place or places of payment of principaland interest, which may be at any bank or trust company within or without theCommonwealth. In case any officer whose signature or a facsimile of whosesignature shall cease to be such officer before the delivery of such bonds,such signature or such facsimile shall nevertheless be valid and sufficientfor all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any other provision of this article or any recitalsin any bonds issued under the provisions of this article, all such bondsshall be deemed to be negotiable instruments under the laws of theCommonwealth. The bonds may be issued in coupon or in registered form, orboth, as the authority may determine, and provision may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, for the reconversion into coupon bonds of any bondsregistered as both principal and interest and for the interchange ofregistered and coupon bonds. The authority may sell such bonds in suchmanner, either at public or negotiated sale, or for such price, as it maydetermine will best effectuate the purposes of this article.
The proceeds of the bonds shall be used solely for the payment of the cost ofthe project and shall be disbursed in such manner and under suchrestrictions, if any, as the authority may provide in the resolutionauthorizing the issuance of such bonds or in the trust agreement hereinaftermentioned securing the same. If the proceeds of the bonds of any issuance,by error of estimates or otherwise, shall be less than such cost, additionalbonds may in like manner be issued to provide the amount of such deficit,and, unless otherwise provided in the resolution authorizing the issuance ofsuch bonds or in the trust agreement securing the same, shall be deemed to bethe same issue and shall be entitled to payment from the same fund withoutpreference or priority of the bonds first issued. If the proceeds of thebonds of any issue shall exceed such cost, the surplus shall be deposited tothe credit of the sinking fund for such bonds.
Prior to the preparation of definitive bonds, the authority may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The authority may also provide forthe replacement of any bonds which shall become mutilated or shall bedestroyed or lost. Bonds may be issued under the provisions of this articlewithout obtaining the consent of any department, division, commission, board,bureau, or agency of the Commonwealth, and without any other proceedings orthe happening of any conditions other than those proceedings or conditionswhich are specifically required by this article.
Revenue bonds issued under the provisions of this article shall not be deemedto constitute a pledge of the faith and credit of the Commonwealth or of anypolitical subdivision thereof. All such bonds shall contain a statement ontheir face substantially to the effect that neither the faith and credit ofthe Commonwealth nor the faith and credit of any county, city, town, or othersubdivision of the Commonwealth is pledged to the payment of the principal ofor the interest on such bonds. The issuance of revenue bonds under theprovisions of this article shall not directly or indirectly or contingentlyobligate the Commonwealth or any county, city, town, or other subdivision ofthe Commonwealth to levy any taxes whatever therefor or to make anyappropriation for their payment except from the funds pledged under theprovisions of this article.
