2005 Idaho Code - 33-2126 — FORM AND SALE OF BONDS

                                  TITLE  33
                                  EDUCATION
                                  CHAPTER 21
                               JUNIOR COLLEGES
    33-2126.  FORM AND SALE OF BONDS. When the commission shall find the
proposed dormitory project or projects to be necessary for the proper
operation of the junior college and economically feasible and such finding is
recorded in the minutes of the commission, the commission shall be authorized
by its resolution and may be issued in one (1) or more series and shall bear
such date or dates, mature at such time or times, bear interest at such rate
or rates, 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 sale at not less than par; provided,
however, that if such bonds are sold to the United States of America or an
agency or instrumentality thereof, they may be sold at private sale.
    In case any of the commissioners or officers of the commission whose
signatures appear on any bonds or coupons shall cease to be such commissioners
or officers before the delivery of such bonds, such signature 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 a commission or the security therefor, any such
bond, reciting in substance that it has been issued by the commission to aid
in financing a dormitory housing project to provide dwelling accommodations
for students attending a junior college, shall be conclusively deemed to have
been issued for a dormitory 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.