§ 24-12-18. Bonds.
(a) Issuance and sale of revenue bonds. The authority is hereby authorized to provide by resolution for the issuance, at one
time or in series from time to time, of revenue bonds of the authority for the purpose
of paying all or a part of the cost of any one or more projects, the construction,
reconstruction, renovation, acquisition, maintenance, repair, operation or management
of which is authorized by this chapter, and making provision for working capital and
a debt service reserve. The principal of and the interest on the bonds shall be payable
solely from the funds herein provided for the payment. The bonds of each issu
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§ 24-12-18. Bonds.
(a) Issuance and sale of revenue bonds. The authority is hereby authorized to provide by resolution for the issuance, at one
time or in series from time to time, of revenue bonds of the authority for the purpose
of paying all or a part of the cost of any one or more projects, the construction,
reconstruction, renovation, acquisition, maintenance, repair, operation or management
of which is authorized by this chapter, and making provision for working capital and
a debt service reserve. The principal of and the interest on the bonds shall be payable
solely from the funds herein provided for the payment. The bonds of each issue shall
be dated, shall bear interest at such rate or rates per annum, shall mature at such
time or times not exceeding fifty (50) 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 fixed
by the authority prior to the issuance of the bonds. The authority may sell such bonds
in such manner, either at public or private sale, and for such price, as it may determine
to be for the best interests of the authority.
(b) Form and execution of all bonds. The authority shall determine the form and the manner of execution of all bonds issued
under the provisions of this chapter, including any interest coupons to be attached
thereto, and shall fix the denomination or denominations of the bonds and the place
or places of payment of the principal and interest, which may be at any bank or trust
company within or without the state. In case any officer whose signature or a facsimile
of whose signature shall appear on any bonds or coupons shall cease to be an officer
before the delivery of the bonds, the signature or the facsimile shall nevertheless
be valid and sufficient for all purposes the same as if the officer had remained in
office until the delivery, and any bond may bear the facsimile signature of, or may
be signed by, the persons as at the actual time of the execution of the bond shall
be the proper officers to sign the bond although at the date of the bond the persons
may not have been the officers. The bonds may be issued in coupon or in registered
form, and in certificated or book entry only form as the authority may determine,
and provision may be made for the registration of any coupon bonds as to principal
alone and also as to both principal and interest, for the reconversion into coupon
bonds of any bonds registered as to both principal and interest, and for the interchange
of registered and coupon bonds.