§ 16-5-203 — Outstanding securities

All public securities of the state and of all public bodies
outstanding on February 17, 1965, the right to the payment of
which has not been barred by any pertinent statute of
limitations, and all acts and proceedings taken, or purportedly
taken by or on behalf of the state or any public body under law
or under color of law preliminary to and in the authorization,
execution, sale, issuance and payment (or any combination
thereof) of all such public securities, are hereby validated,
ratified, approved and confirmed, including but not necessarily
limited to the terms, provisions, conditions and covenants of
any resolution or ordinance appertaining thereto, the redemption
of public securities before maturity and provisions therefor,
the levy and collection of rates, tolls and charges, special
assessments, and general and other taxes, and the acquisition
and application of other revenues, the pledge and use of the
proceeds thereof, and the establishment of liens thereon and
funds therefor, appertaining to such public securities, except
as hereinafter provided, notwithstanding any lack of power,
authority, or otherwise, and notwithstanding any defects and
irregularities in such public securities, acts and proceedings,
and in such authorization, execution, sale, issuance and
payment. Outstanding public securities are and shall be binding,
legal, valid and enforceable obligations of the state or the
public body issuing them in accordance with their terms and
their authorizing proceedings.