J. MILLARD TAWES, Governor                       1403

317-34. Tax Exemption—

All bonds and all other evidences of debt issued by the Authority
under the provisions of this Title and the interest thereon shall at
all times be free and exempt from all taxation by or under authority
of any signatory parties, except for transfer, inheritance and estate
taxes.

317-35. Interest—

Bonds shall bear interest at a rate of not to exceed six per cent
per annum, payable annually or semi-annually.

317-36. Place of Payment—

The Board may provide for the payment of the principal and
interest of bonds at any place or places within or without the signa-
tory states, and in any specified lawful coin or currency of the
United States of America.

317-37. Execution—

The Board may provide for the execution and authentication of
bonds by the manual, lithographed or printed facsimile signature of
members of the Board, and by additional authentication by a trustee
or fiscal agent appointed by the Board; provided, however, that one
of such signatures shall be manual. If any of the members whose
signatures or countersignatures appear upon the bonds or coupons
cease to be members before the delivery of the bonds or coupons,
their signatures or countersignatures are nevertheless valid and of
the same force and effect as if the members had remained in office
until the delivery of the bonds and coupons.

317-38. Holding Own Bonds—

The Board shall have power out of any funds available therefor
to purchase its bonds and may hold, cancel or resell such bonds.

317-39. Sale—

The Board may fix terms and conditions for the sale or other dis-
position of any authorized issue of bonds. The Board may sell bonds
at less than their par or face value but no issue of bonds may be
sold at an aggregate price below the par or face value thereof if
such sale would result in a net interest cost to the Authority calcu-
lated upon the entire issue so sold of more than six per cent per
annum payable semiannually, according to standard tables of bond
values. All bonds issued and sold pursuant to this Title may be sold
in such manner, either at public or private sale, as the Board shall
determine.

317-40. Negotiability—

All bonds issued under the provisions of this Title are negotiable
instruments.

317-41. Bonds Eligible for Investment and Deposit—

Bonds issued under the provisions of this Title are hereby made
securities in which all public officers and public agencies of the sig-
natories and their political subdivisions and all banks, trust com-