WILLIAM DONALD SCHAEFER, Governor Ch. 330

(D) BONDS ISSUED BY AN AUTHORITY ARE SECURITIES IN WHICH
ALL PUBLIC OFFICERS AND PUBLIC UNITS OF THIS STATE AND ITS
POLITICAL SUBDIVISIONS AND ALL BONDS, TRUST COMPANIES, SAVINGS
AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, AND OTHERS
CARRYING ON A BANKING BUSINESS, ALL INSURANCE COMPANIES,
INSURANCE ASSOCIATIONS, AND OTHERS CARRYING ON AN INSURANCE
BUSINESS, ALL PERSONAL REPRESENTATIVES, GUARDIANS, TRUSTEES,
AND OTHER FIDUCIARIES, AND ALL OTHER PERSONS MAY LEGALLY
AND PROPERLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL
OR BELONGING TO THEM. BONDS ARE SECURITIES WHICH MAY
PROPERLY AND LEGALLY BE DEPOSITED WITH OR RECEIVED BY ANY
STATE OR MUNICIPAL OFFICER OR ANY UNIT OR POLITICAL
SUBDIVISION OF THIS STATE FOR ANY PURPOSE FOR WHICH THE
DEPOSIT OF BONDS OR OTHER OBLIGATIONS OF THIS STATE IS
AUTHORIZED BY LAW.

(E) SOLELY FOR PURPOSES OF ANY PUBLIC APPROVAL
REQUIREMENT OF THE INTERNAL REVENUE CODE RELATING TO THE
ISSUANCE OF TAX-EXEMPT OBLIGATIONS, AND NOT INTENDING TO
EFFECT A DETERMINATION OF WHETHER ANY HOUSING AUTHORITY IS
A STATE OR LOCAL AGENCY, ANY AUTHORITY AUTHORIZED TO
FUNCTION PURSUANT TO A PROPER RESOLUTION OR ORDINANCE BY
ANY LOCAL GOVERNMENT SHALL DERIVE ITS RESPECTIVE AUTHORITY
FROM SUCH RESOLUTION OR ENACTMENT RATHER THAN DIRECTLY
FROM ANY STATE LAW. SECTIONS 1-201 THROUGH 1-204 OF THIS TITLE
ARE INTENDED SOLELY AS ENABLING LEGISLATION PERMITTING LOCAL
JURISDICTIONS TO AUTHORIZE A HOUSING AUTHORITY TO FUNCTION
THEREIN.

1-502.

(A) BONDS OF AN AUTHORITY SHALL BE AUTHORIZED BY ITS
RESOLUTION AND MAY BE ISSUED IN ONE OR MORE SERIES AND SHALL
BEAR SUCH DATE OR DATES, MATURE AT SUCH TIME OR TIMES, BEAR
INTEREST AT SUCH RATE OR RATES, BE IN SUCH DENOMINATION OR
DENOMINATIONS, BE IN SUCH FORM, EITHER COUPON OR REGISTERED,
CARRY SUCH CONVERSION OR REGISTRATION PRIVILEGES, HAVE SUCH
RANK OR PRIORITY, BE EXECUTED IN SUCH MANNER, 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, ITS TRUST INDENTURE, OR
MORTGAGE MAY PROVIDE.

(B) BONDS MAY BE SOLD EITHER AT PUBLIC OR PRIVATE SALE IN
SUCH MANNER AND UPON SUCH TERMS AS SHALL BE AUTHORIZED BY
RESOLUTION OF THE AUTHORITY.

(C) IF ANY OF THE COMMISSIONERS OR OFFICERS OF THE
AUTHORITY WHOSE SIGNATURES APPEAR ON ANY BONDS OR COUPONS

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