§ 21-269. Outstanding bonds not to exceed ten million dollars
Bonds of a commission shall at no time be outstanding in a principal amount in excess of $10 million. 1946, p. 356; Michie Suppl. 1946, § 1560iii8.
§ 21-270. Election prior to issuance
No bonds shall be issued by a commission, except to fund or refund bonds theretofore issued and thus to redeem a previous liability, unless the qualified voters of the district shall approve by a majority vote of the qualified voters voting in an election the issuance of the bonds. Whenever the commission shall determine by […]
§ 21-271. Other matters determined by resolution
All other matters relating to the issuing of such bonds, and all matters relating to the contracting of debt, borrowing of money and issuing of other bonds and obligations shall be determined by resolution of the commission. 1946, p. 356; Michie Suppl. 1946, § 1560iii8.
§ 21-272. Form and contents
Bonds shall be authorized by resolution of the commission, and shall be issued from time to time in one or more series, be in such form, bear such date or dates, mature at such time or times not more than forty years from the date of issuance thereof, bear interest at such rate or rates […]
§ 21-273. How sold
Such bonds may be sold at public or private sale for such price or prices as the commission shall determine, provided the interest cost to maturity of the money received from any such bonds simultaneously sold shall not exceed an average of six per centum per annum. 1946, p. 356; Michie Suppl. 1946, § 1560iii8.
§ 21-274. Resolutions may be part of contract with bondholders
Any resolutions of the commission authorizing any bonds may contain provisions, which shall be a part of the contract with the several holders of such bonds and accordingly subject to amendment by mutual agreement of the commission and the holders of all of such bonds, as to: (1) Pledging, setting aside, depositing or trusteeing any […]
§ 21-275. Negotiability
Any provisions of law to the contrary notwithstanding, any bonds or temporary bonds issued pursuant to the authority of this chapter shall be deemed to be fully negotiable within the meaning and for all the purposes of Title 8.3A. 1946, p. 357; Michie Suppl. 1946, § 1560iii8.
§ 21-276. Liability of Commonwealth, county, city or town on bonds
The bonds, notes and other obligations, and any indebtedness, of a commission shall not be in any way a debt or liability of the Commonwealth, or of any county, city or town in whole or in part embraced within the district and shall not create or constitute any indebtedness, liability or obligation of the Commonwealth […]
§ 21-277. No personal liability on bonds
Neither the members of the commission, nor any person executing any bonds or temporary bonds shall be liable personally on the bonds or temporary bonds or be subject to any personal liability or accountability by reason of the issuance thereof. 1946, p. 358; Michie Suppl. 1946, § 1560iii8.
§ 21-278. Purchase of bonds by commission
The commission is authorized, out of any funds available therefor, to purchase any bonds of the commission. 1946, p. 358; Michie Suppl. 1946, § 1560iii8.
§ 21-279. Bonds constitute legal investments
Any bonds issued pursuant to the authority of this chapter are hereby made securities in which all public officers and bodies of this Commonwealth and all political subdivisions thereof, all insurance companies and associations, all savings banks and savings institutions, including savings and loan associations, in the Commonwealth, may properly and legally invest funds in […]
§ 21-280. Special remedies of bondholders
(a) The provisions of this section shall be applicable to a series of bonds of a commission only if the resolution or resolutions authorizing such series of bonds shall provide in substance that the holders of the bonds of such series shall be entitled to all the benefits, and be subject to the provisions of […]
§ 21-280.1. Bonds mutilated, lost or destroyed
Should any bond issued by the commission become mutilated or be lost or destroyed the commission may cause a new bond of like date, number and tenor to be executed and delivered in exchange and substitution for, and upon the cancellation of, such mutilated bond and its interest coupons, or in lieu of and in […]
§ 21-281. Inviolability of rights and remedies
The Commonwealth does pledge to and agree with the holders of any bonds or other obligations issued by any commission pursuant to this chapter that the Commonwealth will not limit or alter the rights hereby vested in such commission to charge and collect such fees, rents and charges and other revenues as may be convenient […]
§ 21-282. Interim certificates
Pending the preparation, execution and delivery of definitive bonds of the commission to the purchaser of such bonds, interim certificates or other obligations may be issued by the commission to the purchaser. Such interim certificates or obligations shall be in such form and contain such terms, conditions and provisions as the commission issuing the same […]