All bonds issued prior to July 1, 1937, for the purpose of financing or aiding in the financing of any work, undertaking, or project by any public body to which any loan or grant heretofore has been made by the United States through the federal emergency administrator of public works for the purpose of financing or aiding in the financing of such work, undertaking, or project, including all proceedings for the authorization and issuance of such bonds, and the sale, execution, and delivery thereof, are validated, ratified, approved, and confirmed, notwithstanding:

1.    Any lack of power, other than constitutional, of such public body or the governing body, commission, or officers thereof, to authorize and issue such bonds, or to sell, execute, or deliver the same; 2.    Any defects or irregularities, other than constitutional, in such proceedings, or in such sale, execution, or delivery; and

3. That such governing body, commission, or officers may not have been elected, appointed, or qualified for the offices they purported to hold.

Such bonds are and shall be binding, legal, valid, and enforceable obligations of such public body.