When the commission shall find the proposed dormitory project or projects to be necessary for the proper operation of the junior college and economically feasible and such finding is recorded in the minutes of the commission, the commission shall be authorized by its resolution (and) [to issue bonds which] may be issued in one (1) or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places, and be subject to such terms of redemption (with or without premium) as such resolution, its trust indenture, or the bonds so issued may provide.
The bonds may be sold at public sale at not less than par; provided, however, that if such bonds are sold to the United States of America or an agency or instrumentality thereof, they may be sold at private sale.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

In case any of the commissioners or officers of the commission whose signatures appear on any bonds or coupons shall cease to be such commissioners or officers before the delivery of such bonds, such signature shall, nevertheless, be valid and sufficient for all purposes, the same as if such commissioners or officers had remained in office until such delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this act shall be fully negotiable.
In any suit, action or proceedings involving the validity or enforceability of any bond of a commission or the security therefor, any such bond, reciting in substance that it has been issued by the commission to aid in financing a dormitory housing project to provide dwelling accommodations for students attending a junior college, shall be conclusively deemed to have been issued for a dormitory housing project of such character, and said project shall be conclusively deemed to have been planned, located and constructed in accordance with purposes and provisions of this act.