§ 29-14-109 — Effect of and limitations upon validation

This article shall
operate to supply such legislative authority as may be necessary to validate any
such bond anticipation notes issued prior to July 1, 1981, of such public bodies and
any acts and proceedings taken appertaining to the issuance of such bond
anticipation notes by such public bodies or otherwise prior to said date which the
general assembly could have supplied or provided for in the law under which such
bond anticipation notes were issued or such other contracts were executed and
such acts or proceedings where taken; but this article shall be limited to the
validation of such bond anticipation notes, acts, and proceedings to the extent to
which the same can be effectuated under the state and federal constitutions. This
article shall not operate to validate, ratify, approve, confirm, or legalize any bond
anticipation note or coupon, act, proceeding, or other matter, the legality of which is
being contested or inquired into in any legal proceeding now pending and
undetermined, and shall not operate to confirm, validate, or legalize any bond
anticipation note or coupon, act, proceeding, or other matter which, prior to July 1,
1981, has been determined in any legal proceeding to be illegal, void, or ineffective.

Legislative History

Source: L. 81: Entire article added, p. 1422, � 1, effective July 1.