Idaho State Statutes - Idaho Attorney Directory

ISSUANCE OF BONDS -- TERMS -- NEGOTIABLE -- ACTIONS TO TEST
VALIDITY -- CONCLUSIVE PRESUMPTIONS. 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 as the authority shall approve, 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 the bonds so issued, may provide.
The bonds may be sold at public or private sale at not less than par.
In case any of the commissioners or officers of the authority, whose
signatures appear on any bonds or coupons, shall cease to be such
commissioners or officers before the delivery of such bonds, such signatures
shall, nevertheless, be valid and sufficient for all purposes, the same as if
such commissioners or officers had remained in office until such delivery. Any
provision of any law to the contrary notwithstanding, any bonds issued
pursuant to this act shall be fully negotiable.
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
have been planned, located and constructed in accordance with purposes and
provisions of this act.

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