§ 7-10-217 — Presumption Of Validity Of Bonds

7-10-217 . Presumption of validity of bonds. (1) Bonds bearing the signatures of the officers of the regional resource authority in office on the date of the signing of the bonds are valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds, any or all the persons whose signatures appear on the bonds have ceased to be officers of the regional resource authority issuing the bonds.
(2) The validity of the bonds is not dependent on or affected by the validity or regularity of any proceedings relating to the acquisition, purchase, construction, reconstruction, improvement, betterment, or extension of the project for which the bonds are issued.
(3) The resolution authorizing the bonds may provide that the bonds must contain a recital that they are issued pursuant to this part. The recital is conclusive evidence of the validity of the bonds and of the regularity of their issuance.

Legislative History

En. Sec. 18, Ch. 351, L. 2009.