|
execution of the bonds and shall fix the denomination or |
| denominations of the bonds and the place or places of payment of |
| principal and interest, which may be at any bank or trust company |
| inside or outside the State. Bonds are executed in the name of the |
| district by the manual or facsimile signature of the officer or |
| officers authorized in the resolution to execute the bonds. One |
| signature on each bond must be a manual signature. Coupons, if |
| any, attached to the bonds must be executed with the facsimile |
| signature of the officer or officers of the district designated in |
| the resolution. If the officer whose signature or a facsimile of |
| whose signature appears on any bonds or coupons ceases to be an |
| officer before the delivery of the bonds, the signature or its |
| facsimile is valid and sufficient for all purposes as if the |
| officer had remained in office until the delivery. Notwithstanding |
| any of the other provisions in this Act or any recitals on any |
| bonds issued under this section, all bonds are deemed to be |
| negotiable instruments under the laws of this State. The bonds may |
| be issued in coupon or registered form, or both, as the board of |
| trustees may determine. Provision may be made for the registration |
| of any coupon bonds as to principal alone and as to both principal |
| and interest and for the reconversion into coupon bonds of any |
| bonds registered as to both principal and interest. The board of |
| trustees may sell bonds in that manner, either at public or private |
| sale at a price as it determines to be in the best interest of the |
| district. The proceeds of the bonds of each issue must be used |
| solely for the purpose for which those bonds are authorized and |
| must be disbursed in such a manner and under such restrictions as |
| the board of trustees provides in the resolution authorizing the |
| issuance of the bonds or in the trust agreement securing the bonds. |
| The resolution providing for the issuance of bonds and any trust |
| agreement securing the bonds may contain such limitations upon the |
| issuance of additional bonds as the board of trustees determines |
| proper. The additional bonds must be issued under such |
| restrictions and limitations prescribed by that resolution or trust |
| agreement. Prior to the preparation of definitive bonds, the board |
| of trustees may, under like restrictions, issue interim receipts or |
| temporary bonds, with or without coupons, exchangeable for |
| definitive bonds when those bonds are executed and are available |
| for delivery. The board of trustees may provide for the |
| replacement of any bond that is mutilated, destroyed or lost. |
