Maturity of Bonds; Interest; Sale; Validity; Actions Involving Bonds

(a)Bonds of the Authority shall be authorized by its resolution, may be issued in one

(1)or more series and shall be offered, awarded and executed in such manner, bear such date or dates, mature at such time or times, bear interest at such rate or rates, not exceeding the most recently published rate at which the U.S. Department of Treasury sells its treasury bills per annum, be in such denomination or denominations, be in such form, bearer, order, coupon or registered, carry such conversion or registration privileges, have such rank or priority, 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 of the Authority, trust indenture or mortgage may provide, and shall be fully negotiable.

(b)The bonds may be sold at a public or private sale at not less than par.

(c)In case any of the Commissioners or officers of the Authority whose signatures appear on any bonds or coupons shall cease to be such Commissioners or officers before the delivery of the bonds, their signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the Commissioners or officers had remained in office until such delivery.

(d)In any suit, action or proceeding involving the validity or enforceability of any bond of the Authority or the security therefor, any such bond reciting in substance that it has been issued by the Authority to aid in financing a project as defined in this Article, shall be conclusively deemed to have been issued for such purpose, and the project shall be conclusively deemed to have been planned, located and carried out in accordance with the purposes and provisions of this Article.

(e)[No text]

(1)When the Authority sells bonds at a private sale, no person standing in a fiduciary relationship with the Authority shall purchase any of the bonds.

(2)As used in this Subsection, “person” means a natural person, corporation, partnership, trust or the employer of a natural person.

(3)If the provisions of this Subsection are violated, then the sale of the bonds to the violating person shall be deemed null and void ab initio.