§ 159-128. Makeup and formal execution of bonds; temporary bonds. - North Carolina Statutes

§ 159‑128.  Makeupand formal execution of bonds; temporary bonds.

The governing board of the issuing unit shall determine the form andmanner of execution of the bonds, including any interest coupons to be attachedthereto. The board may also provide for the authentication of the bonds by atrustee or fiscal agent. The board may authorize the use of facsimilesignatures and seals on the bonds and coupons, if any, but at least one manualsignature (which may be the signature of the representative of the Commissionto the Commission's certificate) must appear on each bond that is representedby an instrument. Delivery of bonds executed in accordance with the board'sdetermination shall be valid notwithstanding any change in officers or in theseal of the issuing unit occurring after the original execution of the bonds.

Before definitive bonds are prepared, the unit may issue interimreceipts or temporary bonds, with or without coupons, exchangeable fordefinitive bonds when they have been executed and are available for delivery. (1917, c. 138, s. 28; 1919, c. 178, s. 3(28); C.S., s.2954; 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927, c. 81, s. 35; 1969,c. 29; 1971, c. 780, s. 1; 1983, c. 322, s. 4.)