LD 1177, Page 12 - 121th Legislature, FIRST REGULAR Session

authorized by the board.__These securities may be made

redeemable, callable or subject to purchase or tender before

maturity, at such price or prices and under such terms and

conditions as may be provided for by the board prior to the

issuance of the securities.__The board shall determine the form

of the securities, including interest coupons to be attached to

the securities, if any, and the manner of execution of the

securities and shall fix the denomination or denominations of

the securities and the place or places of payment of principal

and interest, which may be at any bank, national banking

association or trust company within or without the State.__

Securities must be executed in the name of the board by the

manual or facsimile signature of such official or officials as

may be authorized in the resolution to execute those securities.__

Coupons, if any, attached to securities, must be executed with

the facsimile signature of the official or officials designated

in the resolution.__If any official whose signature or a

facsimile of whose signature appears on any securities or

coupons ceases to be an official before the delivery of the

securities, the signature or the facsimile is valid and

sufficient for all purposes, with the same effect as if the

official had remained in office until the delivery.

Notwithstanding any of the other provisions of this Act or any
recitals in any securities issued under this Act, all such
securities are negotiable instruments issued under the laws of
the State.__The securities may be issued in coupon or
registered form, or both, as the board may determine.__
Provisions may be made for the registration of any coupon
securities as to principal alone and as to both principal and
interest and for the reconversion into coupon securities of
any securities registered as to both principal and interest.__
The board may sell the securities in such manner, either at
public or private sale, and for such price as it determines is
in the best interests of the board.

5.__Award and sell securities.__The power to fix the date of
sale of any securities, to receive bids or proposals, to award
and sell any securities, to set the terms and provisions of
any securities and to take all other action necessary to sell
and deliver any securities may be delegated to any officer of
the board by a majority of the members of the board.

6.__Proceeds of securities.__The proceeds of the securities
of each issue must be used solely for the purpose or purposes
for which the securities were authorized and disbursed in such
manner and under such restrictions as the board may provide in
the resolution authorizing the issuance of the securities or
in the trust agreement securing the securities.__If the
proceeds of the securities, by error of estimates or
otherwise, are less than the

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