e Board is hereby authorized to provide for the issuance, at one time or from time to time, of bonds or notes in anticipation of the issuance of bonds, useful or necessary in carrying out and effectuating the purposes provided in the indenture authorizing the issuance of such bonds. The principal of and the interest on such bonds or notes shall be payable solely from funds provided under this Chapter for such payment. Any such notes may be made payable from the proceeds of bonds or renewal notes or, in the event bond or renewal note proceeds are not available, such notes may be paid from any available revenues or other funds provided therefor. The bonds or notes of each issue shall be dated and may be made redeemable before maturity at the option of the Board at such price or prices and upon such terms and conditions as may be determined by the Board. Any such bonds or notes shall bear interest at such rate or rates as may be determined by the Board. Notes shall mature at such time or times not exceeding five (5) years from their date or dates and bonds shall mature at such time or times not exceeding forty (40) years from their date or dates, as may be determined by the Board. The Board shall further determine the form and manner of execution of the bonds or notes, including any interest coupons to be attached thereto, and shall fix the denomination or denominations and the place or places of payment of principal and interest, which shall be a Federal Reserve member trustee bank within or without the Territory. In case any officer whose signature or a facsimile of whose signature shall appear on any

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CH. 68 HOSPITAL FACILITIES FINANCE ACT

bonds or notes or coupons attached thereto shall cease to be such officer before the delivery thereof, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery. The Board may also provide for the authentication of the bonds or notes by a trustee or fiscal agent. The bonds or notes may be issued in coupon or in registered form, or both as the Board may determine, and provision may be made for the registration of any coupon bonds or notes as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds or notes of any bonds or notes registered as to both principal and interest: and for the interchange of registered and coupon bonds or notes.

Such bonds or notes may be sold in such manner, either at public or private sale, and for such price as the Board shall determine to be for the best interests of the Corporation and effectuate best the purposes of this Chapter, except that the discount of any bonds so sold shall not exceed five percent (5%) without the written consent of the Governor.

The proceeds of any bonds or notes shall be used solely for the purposes for which issued and shall be disbursed in such manner and under such restrictions, if any, as the Board may provide in the indenture authorizing and securing the issuance of such bonds or notes.

Prior to the preparation of definitive bonds, the Board may, under like restrictions, issue interim receipts or temporary bonds, with or without coupons, exchangeable for definitive bonds when such bonds shall have been executed and are available for delivery. The Board may also provide for the replacement of any bonds or notes which shall become mutilated or shall be destroyed or lost.

Bonds or notes may be issued under the provisions of this Chapter without obtaining, except as otherwise expressly provided in this Chapter, the consent of any department, division, commission, board, body, bureau or agency of the Territory, and without any other proceed- ings or the happening of any conditions or things other than those proceedings, conditions or things which are specifically required by this Chapter and the provisions of the indenture authorizing and securing the issuance of, such bonds or notes.
SOURCE: GC §53608.09, as added by P.L. 12-69.