36-1411. Form and sale of bonds
313 words·~1 min read·
/az/title-36/36-1411A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Bonds of a public housing authority, city, town or county issued under this article shall be authorized by resolution of the governing body of the respective city, town or county. Such bonds may be issued in any one or more series, shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding nine per cent per annum, be in such denomination or denominations and in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, payable in such medium of payment at such place or places, and subject to such terms of redemption, with or without premium, as the resolution, its trust indenture or the bonds so issued provide.
B. The bonds may be sold at public or private sale at not less than par.
C. If an officer of the public housing authority, city, town or county whose signature appears on bonds or coupons ceases to be an officer before delivery of the bonds, the person's signature is still valid and sufficient for all purposes, as if the officer had remained in office until delivery. Any provision of law to the contrary notwithstanding, bonds issued pursuant to this article are fully negotiable.
D. In an action or proceeding involving the validity or enforceability of a bond of a public housing authority, city, town or county or the security therefor, if a bond recites in substance that it has been issued by the public housing authority, city, town or county to aid in financing a housing project to provide dwelling accommodations for persons of low income, the bond is conclusively deemed to have been issued for a housing project of such character, and the project is conclusively deemed to have been planned, located and constructed in accordance with this article.