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S.B. 1011
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2007 Vetoed Bills and Messages
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(9) BE PAYABLE IN A MEDIUM OF PAYMENT, AT A PLACE OR
PLACES, AND BE SUBJECT TO TERMS OF REDEMPTION (WITH OR WITHOUT
PREMIUM);
(10) BE SECURED IN A MANNER; AND
(11) HAVE OTHER CHARACTERISTICS, AS ARE PROVIDED BY THE
RESOLUTION, TRUST INDENTURE, OR MORTGAGE ISSUED PURSUANT TO IT.
(D) THESE BONDS MAY NOT BE SOLD AT LESS THAN PAR VALUE AT
PUBLIC SALES WHICH ARE HELD AFTER NOTICE IS PUBLISHED PRIOR TO THE
SALE IN A NEWSPAPER HAVING A GENERAL CIRCULATION IN THE AREA IN
WHICH THE MUNICIPALITY IS LOCATED AND IN WHATEVER OTHER MEDIUM OF
PUBLICATION AS THE MUNICIPALITY MAY DETERMINE. THE BONDS MAY BE
EXCHANGED ALSO FOR OTHER BONDS ON THE BASIS OF PAR. HOWEVER, THE
BONDS MAY NOT BE SOLD TO THE FEDERAL GOVERNMENT AT PRIVATE SALE AT
LESS THAN PAR, AND, IN THE EVENT LESS THAN ALL OF THE AUTHORIZED
PRINCIPAL AMOUNT OF THE BONDS IS SOLD TO THE FEDERAL GOVERNMENT,
THE BALANCE MAY NOT BE SOLD AT PRIVATE SALE AT LESS THAN PAR AT AN
INTEREST COST TO THE MUNICIPALITY WHICH DOES NOT EXCEED THE
INTEREST COST TO THE MUNICIPALITY OF THE PORTION OF THE BONDS SOLD
TO THE FEDERAL GOVERNMENT.
(E) IN CASE ANY OF THE PUBLIC OFFICIALS OF THE MUNICIPALITY
WHOSE SIGNATURES APPEAR ON ANY BONDS OR COUPONS ISSUED UNDER THIS
APPENDIX CEASE TO BE OFFICIALS OF THE MUNICIPALITY BEFORE THE
DELIVERY OF THE BONDS OR IN THE EVENT ANY OF THE OFFICIALS HAVE
BECOME SUCH AFTER THE DATE OF ISSUE OF THEM, THE BONDS ARE VALID AND
BINDING OBLIGATIONS OF THE MUNICIPALITY IN ACCORDANCE WITH THEIR
TERMS. ANY PROVISION OF ANY LAW TO THE CONTRARY NOTWITHSTANDING,
ANY BONDS ISSUED PURSUANT TO THIS APPENDIX ARE FULLY NEGOTIABLE.
(F) IN ANY SUIT, ACTION, OR PROCEEDING INVOLVING THE VALIDITY
OR ENFORCEABILITY OF ANY BOND ISSUED UNDER THIS APPENDIX, OR THE
SECURITY FOR IT, ANY BOND WHICH RECITES IN SUBSTANCE THAT IT HAS BEEN
ISSUED BY THE MUNICIPALITY IN CONNECTION WITH AN URBAN RENEWAL
PROJECT SHALL BE CONSIDERED CONCLUSIVELY TO HAVE BEEN ISSUED FOR
THAT PURPOSE, AND THE PROJECT SHALL BE CONSIDERED CONCLUSIVELY TO
HAVE BEEN PLANNED, LOCATED, AND CARRIED OUT IN ACCORDANCE WITH THE
PROVISIONS OF THIS APPENDIX.
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- 4560 -
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