80.570 Form of bonds -- Sale -- Negotiability -- Presumption of validity.

279 words·~1 min read·/ky/chapter-80/80-570

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Bonds of an authority shall be authorized by its resolution and may be issued in one

(1)or more series and shall bear a date or dates, mature at a time or times, bear

interest at a rate or rates or method of determining rates, 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 the place or places, and be subject to the terms of

redemption (with or without premium) as the resolution, its trust indenture, or

mortgage may provide.

(2)The bonds may be sold at public or private sale.

(3)In case any of the members or officers of the authority whose signatures appear on

any bonds or coupons shall cease to be members or officers before the delivery of

the bonds, their signatures shall, nevertheless, be valid and sufficient for all

purposes, the same as if they had remained in office until the delivery. Any bonds

issued pursuant to KRS 80.320 to 80.610 shall be fully negotiable.

(4)In any action or proceeding involving the validity or enforceability of any bond of

an authority or its security, any bond reciting in substance that it has been issued by

the authority to aid in financing a housing project to provide dwelling

accommodations for persons of low income shall be conclusively deemed to have

been issued for a housing development of that character and the project shall be

conclusively deemed to have been planned, located, and constructed in accordance

with the purposes and provisions of KRS 80.320 to 80.610.