§206-29 Form and sale of bonds.

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§206-29 Form and sale of bonds. [(a)] The bonds of the board of land and natural resources shall be authorized by resolution and may be issued in one or more series and shall bear a date or dates, mature at a time or times, not exceeding sixty years from the date thereof, bear interest at a rate or rates, not exceeding six per cent a year, be in a denomination or denominations, be in a form either coupon or registered, carry conversion or registration privileges, have a rank or priority, be executed in a manner, be payable in a medium of payment, at a place or places, and be subject to terms or redemption (with or without premium) that the resolution, its trust indenture, or mortgage may provide.

[(b)] The bonds shall be sold at not less than par at public sale held after public notice given at least five days prior to the sale statewide; provided that the bonds may be sold at not less than par to the federal government at private sale without any public notice.

[(c)] If any member or officer of the board whose signature appears on any bond or coupon ceases to be a member or official before the delivery of a bond, the member's or officer's signature, nevertheless, shall be valid and sufficient for all purposes, the same as if the member or officer had remained in office until its delivery. Any provision of any law to the contrary notwithstanding, all bonds issued pursuant to this chapter shall be fully negotiable.

[(d)] In any suit, action, or proceedings, involving the validity or enforcement of any bond of the board or the security therefor, any bond, reciting in substance that it has been issued by the board to aid in financing a development project, shall be conclusively deemed to have been issued for a development project, and the project shall be conclusively deemed to have been planned, located, and constructed in accordance with the purposes and provisions of this chapter. [L 1961, c 6, §27; Supp, §98J-27; HRS §206-29; gen ch 1985; am L 1998, c 2, §65]