§ 21-13-706 — Execution, form and contents of bonds

Wyoming § 21-13-706

• Jurisdiction: Wyoming
• Title 21: Education
• Ch. 13: SCHOOL FINANCE
• Art. 7: BOND ISSUES

Text

(a) Said bonds shall be signed by the chairman of the
board of trustees and countersigned by the county treasurer.
The coupons, if any, shall be signed by the county treasurer.
The clerk of the board shall endorse a certificate upon every
bond, that the same is issued pursuant to law and is within the
lawful debt limit of the district. The county treasurer may
authorize his deputy to sign any bond or coupon on his behalf.
The board of trustees may authorize another member of the board
to sign any bond or certificate in place of the chairman or
clerk. It shall not be necessary for any bond to bear the seal
of the district. Said bonds and coupons shall otherwise be in
such form as the board may determine; provided, that the board
may, at its option, utilize a statutory form of bond which shall
include the following details:
(i) The name of the district and the date of the
bond;
(ii) The principal amount thereof and interest rate
or rates applicable thereto;
(iii) The place or places and time or times of
payment of principal and interest;
(iv) The prior redemption option, if any;
(v) A recital that the bond is one of a series
approved at an election held for that purpose, that the total
indebtedness of the district does not exceed the lawful debt
limit of the district; and that the bond has been issued under
the authority of, and in full compliance with, and for a purpose
authorized by, the constitution and this article.
(b) A bond delivered to the purchaser thereof in the
optional statutory form shall:
(i) Be payable in lawful money of the United States
of America without deduction for exchange or collection charges;
(ii) Be conclusively presumed to have been issued for
value;
(iii) Be payable upon presentation and surrender of
the bond and the attached coupons as they severally become due;
(iv) If not paid upon presentation at maturity,
continue to draw interest until the principal thereof is paid in
full;
(v) Be presumed to have been issued by the proper
officers of the district under and by virtue of and in full
conformity with the constitution of the state of Wyoming, this
article, any amendments thereto, and all other laws thereunto
enabling; and
(vi) Be incontestable as hereafter provided.
(c) Any resolution of a school district board of trustees
authorizing bonds may provide that each bond therein authorized
shall recite that it is issued under the authority of this
article. Such recital shall conclusively impart full compliance
with all the provisions hereof, and all bonds issued containing
such recital shall be incontestable for any cause whatsoever
after their delivery for value.