§ 4320. Form and sale of bonds.
343 words·~2 min read·
/de/title-31/chapter-43-housing-authority/4320·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Bonds, notes and certificates of indebtedness of an authority may be issued in 1 or more series, may bear such date or dates, may mature at such time or times from their respective dates, may bear interest at such rate or rates not in excess of 4% over the discount rate charged by the Federal Reserve Board of Governors to its member banks, may be in such denomination or denominations, may be in such form, either coupon or registered, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment, at such place or places, may be subject to such terms of redemption, with or without a premium, may be declared or become due before the maturity date thereof, may provide for the replacement of mutilated, destroyed, stolen or lost bonds, may be authenticated in such manner and upon compliance with such conditions, may be payable from such income of the authority upon such terms, may be secured in such manner, may provide for such rights and remedies upon their default, and may contain such other covenants, terms and conditions (including, without being limited to the foregoing) as may be provided by resolution or resolutions of the authority or any trust indenture authorized thereby.
Notwithstanding the former tenor thereof, and in the absence of an express recital on the face thereof that the bonds or notes are nonnegotiable, all bonds of an authority shall at all times be and shall be treated as negotiable instruments for all purposes. Such bonds, notes and certificates shall be sold at not less than par at public sale held after notice published once at least 5 days prior to such sale in a newspaper having a general circulation in the city or county and in a financial newspaper published in the City of Wilmington or in the City of New York, New York.
Such bonds and other obligations may be sold to the federal government or any agency thereof at private sale at not less than par.