15.2-6313 - Bonds to be authorized by resolution of board; terms; sale; negotiability; validity. - Virginia Statutes

§ 15.2-6313. Bonds to be authorized by resolution of board; terms; sale;negotiability; validity.

Bonds of an authority shall be authorized by resolution of its board and maybe issued in one or more series and shall bear such date or dates, mature atsuch time or times, bear interest at such annual rate or rates, not exceedingnine percent, be in such denomination or denominations, be in such form,either coupon or registered, carry such conversion or registrationprivileges, have such rank or priority, be executed in such manner, bepayable to such medium of payment, at such place or places, and be subject tosuch terms of redemption (with or without premium) as such resolution, itstrust indenture or mortgage may provide. The bonds may be sold at public orprivate sale.

In case any of the commissioners or officers of the authority whosesignatures appear on any bonds or coupons shall cease to be suchcommissioners or officers before the delivery of such bonds, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same as ifsuch commissioners or officers had remained in office until such delivery.Any provisions of any law to the contrary notwithstanding, any bonds issuedpursuant to this chapter shall be fully negotiable within the meaning and forall the purposes of Title 8.3A.

In any suit, action or proceedings involving the validity or enforceabilityof any bond of an authority or the security therefor, any such bond recitingin substance that it has been issued by the authority to aid in financing aspecific project or facility of such authority shall be conclusively deemedto have been issued for such enumerated purpose and such project or facilityshall be conclusively deemed to have been conducted and operated in allrespects in accordance with the purposes and provisions of this chapter.

(Code 1950, § 15-951; 1954, c. 645; 1962, c. 623, § 15.1-1334; 1996, c. 740;1997, c. 587.)