OCR Text |
Show 164 INTERSTATE COMPACTS and upon such terms as may be agreed upon between the Commission and the State or political subdivision making the loan. "ARTICLE XIII-FINANCING "1. The Commission shall have power and is hereby authorized, from time to time to issue its negotiable bonds for any of its authorized purposes, to issue its bonds to refund bonds issued by it, to issue its negotiable notes in anticipation of bonds, and to pay its bonds and notes from revenues of the Commission and the proceeds of its bonds and other moneys of the Commission, as the resolution authorizing the issuance may provide: " (a) Refunding bonds may be issued partially to refund bonds then outstanding and partially for any other of its authorized purposes. Refunding bonds may be issued whenever the Commission deems ex- pedient, whether the bonds to be refunded have or have not matured, and may be exchanged for the bonds to be refunded with such cash adjustments as may be agreed, or may be sold before the bonds to be refunded become due and the proceeds applied to the purchase, re- demption or payment of the bonds to be refunded, including interest accrued, and any redemption premiums payable thereon. "(b) Except as may be otherwise expressly provided by the Com- mission, every issue of bonds shall be general obligations payable out of any moneys or revenues of the Commission, subject only to any agreements with the holders of any bonds pledging any moneys or revenues. "(c) Whether or not bonds or notes issued by the Commission are of such form and character as to be negotiable instruments, such bonds or notes shall be fully negotiable within the meaning and for all the purposes of the Negotiable Instruments Law, subject only to any provision of the bonds for registration. "(d) The Commission may issue temporary bonds, with or without coupons, pending the preparation of definitive bonds, exchangeable for definitive bonds. " (e) Bonds shall be authorized by resolution of the Commission and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates not exceeding six per centum (6%) per annum, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be pay- able in such medium of payment and at such place or places, and be subject to such terms of redemption, with or without premium, as such resolution or resolutions may provide. The official seal of the Commission, or a facsimile thereof, shall be impressed, engraved, or otherwise reproduced on each bond or note, and be attested by the Secretary or by such other officer or agent as the Commission shall appoint and authorize. If any officer or authorized agent whose signa- ture, or a facsimile thereof, shall appear on any bonds, coupons, or notes, shall cease to be such officer or authorized agent before the de- livery of the bonds or notes, such signature or such facsimile signature shall be valid and sufficient for all purposes the same as if he had con- tinued in office until such delivery. Bonds may be sold at public or private sale, for such price or prices as the Commission shall deter- mine. |