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543
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MARVIN MANDEL,
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Governor
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ALL BONDS ISSUED UNDER THE PROVISIONS OF THIS TITLE
ABE NEGOTIABLE INSTRUMENTS.
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 SIGNATORIES AND THEIR POLITICAL
SUBDIVISIONS AND ALL BANKS, TRUST COMPANIES, SAVINGS AND
LOAN ASSOCIATIONS, INVESTMENT COMPANIES AND OTHERS
CARRYING ON A BANKING BUSINESS, ALL INSURANCE COMPANIES
AND INSURANCE ASSOCIATIONS AND OTHERS CARRYING ON AN
INSURANCE BUSINESS, ALL ADMINISTRATORS, EXECUTORS,
GUARDIANS, TRUSTEES AND OTHER FIDUCIARIES, AND ALL OTHER
PERSONS MAY LEGALLY AND PROPERLY INVEST FUNDS, INCLUDING
CAPITAL IN THEIR CONTROL OR BELONGING TO THEM. SUCH
BONDS ARE HEREBY MADE SECURITIES WHICH MAY PROPERLY AND
LEGALLY BE DEPOSITED WITH AND RECEIVED BY ANY OFFICER OF
ANY SIGNATORY, OR OF ANY AGENCY OR POLITICAL SUBDIVISION
OF ANY SIGNATORY, FOR ANY PURPOSE FOR WHICH THE DEPOSIT
OF BONDS OR OTHER OBLIGATIONS OF SUCH SIGNATORY IS NOW OR
MAY HEREAFTER BE AUTHORIZED BY LAW.
42. VALIDATION PROCEEDINGS.
PRIOR TO THE ISSUANCE OF ANY BONDS, THE BOARD MAY
INSTITUTE A SPECIAL PROCEEDING TO DETERMINE THE LEGALITY
OF PROCEEDINGS TO ISSUE THE BONDS AND THEIR VALIDITY
UNDER THE LAMS OF ANY OF THE SIGNATORY PARTIES. SUCH
PROCEEDING SHALL BE INSTITUTED AND PROSECUTED IN REM AND
THE FINAL JUDGMENT RENDERED THEREIN SHALL BE CONCLUSIVE
AGAINST ALL PERSONS WHOMSOEVER AND AGAINST EACH OF THE
SIGNATORY PARTIES.
43. RECORDING.
NO INDENTURE NEED BE RECORDED OR FILED IN ANY PUBLIC
OFFICE, OTHER THAN THE OFFICE OF THE BOARD. THE PLEDGE
OF REVENUES PROVIDED IN ANY INDENTURE SHALL TAKE EFFECT
FORTHWITH AS PROVIDED THEREIN AND IRRESPECTIVE OF THE
DATE OF RECEIPT OF SUCH REVENUES BY THE BOARD OR THE
INDENTURE TRUSTEE. SUCH PLEDGE SHALL BE EFFECTIVE AS
PROVIDED IN THE INDENTURE WITHOUT PHYSICAL DELIVERY OF
THE REVENUES TO THE BOARD OR TO THE INDENTURE TRUSTEE.
44. PLEDGED REVENUES.
BOND REDEMPTION AND INTEREST PAYMENTS SHALL, TO THE
EXTENT PROVIDED IN THE RESOLUTION OR INDENTURE,
CONSTITUTE A FIRST, DIRECT AND EXCLUSIVE CHARGE AND LIEN
ON ALL REVENUES RECEIVED FROM THE USE AND OPERATION OF
THE FACILITY, AND ON ANY SINKING OR OTHER FUNDS CREATED
THEREFROM. ALL SUCH REVENUES, TOGETHER WITH INTEREST
THEREON, SHALL CONSTITUTE A TRUST FUND FOR THE SECURITY
AND PAYMENT OF SUCH BONDS AND EXCEPT AS AND TO THE EXTENT
PROVIDED IN THE INDENTURE WITH RESPECT TO THE PAYMENT
THEREFROM OF EXPENSES FOR OTHER PURPOSES INCLUDING
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