(1)The authority may, from time to time, issue bonds for
any of its corporate purposes. The bonds shall be issued pursuant to resolution of
the board and shall be payable solely out of all or a specified portion of the
revenues as designated by the board.
(2)Bonds may be executed and delivered by the authority at such times, may
be in such form and denominations and include such terms and maturities, may be
subject to optional or mandatory redemption prior to maturity with or without a
premium, may be in fully registered form or bearer form registrable as to principal
or interest or both, may bear such conversion privileges, may be payable in such
installments and at such times not exceeding forty years from the date thereof,
may be payable at such place or places whether withi
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(1) The authority may, from time to time, issue bonds for
any of its corporate purposes. The bonds shall be issued pursuant to resolution of
the board and shall be payable solely out of all or a specified portion of the
revenues as designated by the board.
(2) Bonds may be executed and delivered by the authority at such times, may
be in such form and denominations and include such terms and maturities, may be
subject to optional or mandatory redemption prior to maturity with or without a
premium, may be in fully registered form or bearer form registrable as to principal
or interest or both, may bear such conversion privileges, may be payable in such
installments and at such times not exceeding forty years from the date thereof,
may be payable at such place or places whether within or without the state, may
bear interest at such rate or rates per annum, which may be fixed or vary according
to index, procedure, or formula or as determined by the authority or its agents,
without regard to any interest rate limitation appearing in any other law of the
state, may be subject to purchase at the option of the holder or the authority, may
be evidenced in such manner, may be executed by such officers of the authority,
including the use of one or more facsimile signatures so long as at least one manual
signature appears on the bonds, which may be either of an officer of the authority
or of an agent authenticating the same, may be in the form of coupon bonds which
have attached interest coupons bearing a manual or facsimile signature of an
officer of the authority, and may contain such provisions not inconsistent with this
part 5, all as provided in the resolution of the authority under which the bonds are
authorized to be issued or as provided in a trust indenture between the authority
and any commercial bank or trust company having full trust powers.
(3) The bonds may be sold at public or private sale at such price or prices, in
such manner, and at such times as determined by the board, and the board may pay
all fees, expenses, and commissions which it deems necessary or advantageous in
connection with the sale of the bonds. The power to fix the date of sale of the
bonds, to receive bids or proposals, to award and sell bonds, to fix interest rates,
and to take all other action necessary to sell and deliver the bonds may be
delegated to an officer or agent of the authority. Any outstanding bonds may be
refunded by the authority pursuant to article 56 of title 11, C.R.S. All bonds and any
interest coupons applicable thereto are declared to be negotiable instruments.
(4) The resolution or trust indenture authorizing the issuance of the bonds
may pledge all or a portion of the revenues of the authority, may contain such
provisions for protecting and enforcing the rights and remedies of holders of any of
the bonds as the authority deems appropriate, may set forth the rights and
remedies of the holders of any of the bonds, and may contain provisions which the
authority deems appropriate for the security of the holders of the bonds, including
but not limited to provisions for letters of credit, insurance, standby credit
agreements, or other forms of credit insuring timely payment of the bonds,
including the redemption price or the purchase price.
(5) Any pledge of revenues or property made by the authority or by any
person or governmental unit with which the authority contracts shall be valid and
binding from the time the pledge is made. The revenues or property so pledged
shall immediately be subject to the lien of such pledge without any physical
delivery or further act, and the lien of such pledge shall be valid and binding against
all parties having claims of any kind in tort, contract, or otherwise against the
pledging party, irrespective of whether such claiming party has notice of such lien.
The instrument by which the pledge is created need not be recorded or filed.
(6) Neither the members of the board, employees of the authority, nor any
person executing the bonds shall be liable personally on the bonds or subject to
any personal liability or accountability by reason of the issuance thereof.
(7) The authority may purchase its bonds out of any available funds and may
hold, pledge, cancel, or resell such bonds subject to and in accordance with
agreements with the holders thereof.