LD 1406, Page 12 - 122th 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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