(a)Except as otherwise provided:
(i)Securities shall be authorized by resolution
adopted by the trustees and shall:
(B)Be in a denomination or denominations;
(C)Mature at a time or times but in no event
exceeding fifty (50) years from their date of issuance;
(D)Be sold at a public or private sale; and
(E)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.
(ii)Securities 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 redeemed, as determined by the
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(a) Except as otherwise provided:
(i) Securities shall be authorized by resolution
adopted by the trustees and shall:
(A) Bear a date or dates;
(B) Be in a denomination or denominations;
(C) Mature at a time or times but in no event
exceeding fifty (50) years from their date of issuance;
(D) Be sold at a public or private sale; and
(E) 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.
(ii) Securities 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 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 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 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 pertaining to the issuance of securities
may provide for their reissuance in other denominations in
negotiable or nonnegotiable form and otherwise in any manner and
form as the trustees may determine.
(e) Any resolution authorizing, or other instrument
pertaining to, any securities may provide that each security
authorized shall recite that it is issued under authority of
this section. The recital shall conclusively impart full
compliance with all of the provisions and all securities issued
containing the recital shall be incontestable for any cause
whatsoever after their delivery for value.
(f) Subject to the payment provisions specifically
provided, any securities or interest coupons attached to the
securities 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 the
security or any coupons, by accepting such security or coupon
shall be conclusively deemed to have agreed that the security or
coupon, except as otherwise provided, is and shall be fully
negotiable within the meaning and for all purposes of the
Uniform Commercial Code.
(g) Notwithstanding any other provision of law, the
trustees in any proceedings authorizing securities:
(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 provisions for installment payments of
the principal amount of any security as they may consider
desirable;
(iii) May provide for the making of any security
payable to bearer or otherwise, registrable as to principal or
as to both principal and interest, and where interest accruing
is not represented by interest coupons, for the endorsing of
payment of interest on the 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
board of trustees.
(j) Any securities 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 shall be
valid and binding obligations of the board of trustees,
notwithstanding that before the delivery and payment, any or all
of the persons whose signatures appear shall have ceased to fill
their respective offices.