Section 100.460

Title VII CITIES, TOWNS AND VILLAGES

Chapter 100

Effective - 28 Aug 1967   

  100.460.  Signatures on bonds, validity of — bonds negotiable — conclusive presumption that bond was issued for stated purpose. — 1.  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 law shall be fully negotiable.

  2.  In any suit, action or proceeding involving the validity or enforceability of any bond of any authority or the security therefor, any such bond reciting in substance that it has been issued by the authority to aid in financing a project, as herein defined, shall be conclusively deemed to have been issued for such purpose and such project shall be conclusively deemed to have been planned, located and carried out in accordance with the purposes and provisions of this law.

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(L. 1967 p. 172 § 17)