Title 36, Chapter 42, Section 10
( 36-42-10)
(a) All bonds issued by the authority under this chapter shall be
issued and validated under and in accordance with Article 3 of
Chapter 82 of this title, the "Revenue Bond Law," except as provided
in this chapter, provided that notes and other obligations of the
authority may, but shall not be required to, be so validated. (b) Bonds issued by an authority may be in such form, either coupon
or fully registered, or both coupon and fully registered, and may be
subject to such exchangeability and transferability provisions, as
the bond resolution authorizing the issuance of such bonds or any
indenture or trust agreement may provide. (c) Bonds shall bear a certificate of validation. The signature of
the clerk of the superior court of the county in which the issuing
authority is located may be made on the certificate of validation of
such bonds by facsimile or by manual execution, stating the date on
which such bonds were validated; and such entry shall be original
evidence of the fact of judgment and shall be received as original
evidence in any court in this state. (d) In lieu of specifying the rate or rates of interest which bonds
to be issued by an authority are to bear, the notice to the district
attorney or the Attorney General, the notice to the public of the
time, place, and date of the validation hearing, and the petition
and complaint for validation may state that the bonds when issued
will bear interest at a rate not exceeding a maximum per annum rate
of interest (which may be fixed or may fluctuate or otherwise change
from time to time) specified in such notices and petition and
complaint or may state that, in the event the bonds are to bear
different rates of interest for different maturity dates, none of
such rates will exceed the maximum rate (which may be fixed or may
fluctuate or otherwise change from time to time) so specified;
provided, however, that nothing in this Code section shall be
construed as prohibiting or restricting the right of the authority
to sell such bonds at a discount, even if in doing so the effective
interest cost resulting therefrom would exceed the maximum per annum
interest rate specified in such notices and in the petition and
complaint. (e) The terms "cost of the project" and "cost of any project" shall
have the meaning prescribed in this chapter whenever those terms are
referred to in bond resolutions of an authority, in bonds, notes, or
other obligations of an authority, or in notices or proceedings to
validate such bonds, notes, or other obligations of an authority. |