§ 35-2-425 — Securities for acquiring hospitals and related facilities; requirements generally

(a) Except as otherwise provided, securities issued
hereunder shall be authorized by resolution adopted by the
trustees, shall bear date or dates, shall be in a denomination
or denominations, shall mature at a time or times but in no
event exceeding fifty (50) years from their date, shall be sold
at public or private sale, and the securities and coupons shall
be payable in a medium of payment at a banking institution or
other place or places within or without the state, as determined
by the trustees, may be made subject to prior redemption in
advance of maturity in order or by lot or otherwise at a time or
times without or with the payment of a premium or premiums not
exceeding ten percent (10%) of the principal amount of the
security so redeemed, as determined by the trustees. The
resolution may provide for the accumulation of net revenue for a
reserve fund and shall contain other or further covenants and
agreements as may be determined by the governing board for the
protection of bondholders.
(b) Any resolution authorizing the issuance of securities
or other instruments appertaining thereto may provide for the
capitalizing of interest on any securities during any period of
construction estimated by the trustees and one (1) year
thereafter and any other cost of any project herein authorized,
by providing for the payment of the amount capitalized from the
proceeds of the securities.
(c) Securities may be issued with privileges for
conversion or registration, or both, for payment as to principal
or interest, or both.
(d) Any resolution authorizing the issuance of securities,
or any other instrument appertaining thereto may provide for
their reissuance in other denominations in negotiable or
nonnegotiable form and otherwise in such manner and form as the
trustees may determine.
(e) Any resolution authorizing, or other instrument
appertaining to, any securities hereunder may provide that each
security therein authorized shall recite that it is issued under
authority hereof. Such recital shall conclusively impart full
compliance with all of the provisions hereof, and all securities
issued containing such recital shall be incontestable for any
cause whatsoever after their delivery for value.
(f) Subject to the payment provisions herein specifically
provided, any securities, any interest coupons thereto attached,
shall be fully negotiable within the meaning of and for all the
purposes of the Uniform Commercial Code, except as the trustees
may otherwise provide, and each holder of such security, or of
any coupons appertaining thereto, by accepting such security or
coupon shall be conclusively deemed to have agreed that such
security or coupon (except as otherwise provided) is and shall
be fully negotiable within the meaning and for all purposes of
said Uniform Commercial Code.
(g) Notwithstanding any other provision of law, the
trustees in any proceedings authorizing securities hereunder:
(i) May provide for the initial issuance of one (1)
or more securities aggregating the amount of the entire issue or
any part thereof;
(ii) May make such provisions for installment
payments of the principal amount of any such security as it may
consider desirable;
(iii) May provide for the making of any such security
payable to bearer or otherwise, registrable as to principal or
as to both principal and interest, and where interest accruing
thereon is not represented by interest coupons, for the
endorsing of payment of interest on such securities.
(h) Except for any securities which are registrable for
payment of interest, interest coupons payable to bearer and
appertaining to the securities shall be issued and shall bear
the original or facsimile signature of the president of the
trustees.
(j) Any securities herein authorized may be executed as
provided by W.S. 16-2-101 through 16-2-103.
(k) The securities and any coupons bearing the signature
of the officers in office at the time of the signing thereof,
shall be valid and binding obligations of the trustees,
notwithstanding that before the delivery thereof and payment
therefor, any or all of the persons whose signatures appear
thereon shall have ceased to fill their respective offices.