Vermont § 4015 - Bonds authorized; conversion privileges

§ 4015. Bonds authorized; conversion privileges

• (a) Bonds of an authority shall be authorized by its resolution and may be issued in one
  or more series and shall bear such date or dates, mature at such time or times, bear
  interest at such rate or rates, be in such denomination or denominations, be in such
  form, either coupon or registered, carry such conversion or registration privileges,
  have such rank or priority, be executed in such manner, be payable in such medium
  of payment at such place or places, and be subject to such terms of redemption, with
  or without premium as such resolution, its trust indenture, or mortgage may provide. (b) The bonds may be sold at not less than par at public sale held after notice published
  once at least five days prior to such sale in a newspaper having a general circulation
  in the municipality and in a financial newspaper published in the city of Boston,
  Massachusetts or in the city of New York, New York, except that in the case of bonds
  of the State Authority, such notice shall be published only in a financial newspaper
  as described in this subsection. All bonds may be sold at not less than par to the
  federal government at private sale without any public advertisement. (c) In case any of the commissioners or officers of the authority whose signatures appear
  on the bonds or coupons shall cease to be such commissioners or officers before the
  delivery of such bonds such signature shall, nevertheless, be valid and sufficient
  for all purposes, the same as if they had remained in office until such delivery.
  Any provision of any law to the contrary notwithstanding, any bonds issued pursuant
  to this chapter shall be fully negotiable. (d) In any suit, action, or proceedings involving the validity or enforceability of any
  bond of an authority or the security thereof, any such bond reciting in substance
  that it has been issued by the authority to aid in financing a housing project to
  provide dwelling accommodations for persons of low income shall be conclusively deemed
  to have been issued for a housing project of such character and said project shall
  be conclusively deemed to be planned, located, and constructed in accordance with
  the provisions and purposes of this chapter. (1961, No. 212, § 15, eff. July 11, 1961; amended 1967, No. 332 (Adj. Sess.), § 5, eff. March 23, 1968; 1969, No. 285 (Adj. Sess.), § 11, eff. April 9, 1970.)