§ 8. Issuance of Obligations.

(a)

On or after October 1, 1964, the Authority is hereby authorized to provide by Resolution at one time or from time to time for the issuance of bonds or revenue certificates, or both, (herein in this Section collectively referred to as "bonds"), of the Authority for the purpose of paying all or a part of the cost of acquisition, construction, repairing, extensions, additions, equipping and reconstruction of any facilities of the Authority. The bonds of each issue shall be dated, shall bear interest at such rate or rates not exceeding six percent per annum, shall mature at such time or times, not exceeding forty years from their date or dates, as may be determined by the Authority, and may be made redeemable before maturity, at the option of the Authority, at such price or prices and under such terms and conditions as may be fixed by the Authority prior to the issuance of the bonds. The Authority shall determine the form of the bonds, including any interest coupons to be attached thereto, and the manner of execution of the bonds and coupons, and shall fix the denomination or denominations of the bonds and the place or places of payment of principal and interest, which may be at any bank or trust company within or without the state. In case any officer whose signature or a facsimile of whose signature shall appear on any bonds or coupons shall cease to be such officer before the delivery of such bonds, 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. All bonds issued under the provisions of this Chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments laws of the state. The bonds may be issued in coupon or in registered form, or both, as the Authority may determine, and provisions may be made for the registration of any coupon bonds as to principal alone and also as to both principal and interest, and for the reconversion into coupon bonds of any bonds registered as to both principal and interest. The issuance of such bonds shall not be subject to any limitations or conditions contained in any other law, and the Authority may sell such bonds in such manner and for such price, as it may determine to be for the best interest of the Authority, but no such sale shall be made at a price so low as to require the payment of interest on the money received therefor at more than six percent per annum, computed with relation to the absolute maturity of the bonds in accordance with standard tables of bonds values, excluding, however, from such computations the amount of any premium to be paid on redemption of any bonds prior to maturity. Prior to the preparation of definitive bonds, the Authority may, under like restrictions, issue interim receipts or temporary bonds with or without coupons, exchangeable for definitive bonds when such bonds have been executed and are available for delivery. The Authority may also provide for the replacement of any bonds which shall be mutilated or be destroyed or lost.

(b)

Bonds may be issued under the provisions of this Chapter without obtaining the consent of any commission, board, bureau or agency of the state or county and without any other proceedings or the happening of any other condition or things which are specifically required by this Chapter.

(c)

The proceeds of the bonds shall be used solely for the payment of the cost of the facilities for which such bonds shall have been authorized and shall be disbursed in the manner provided in the Resolution or in the Trust Agreement authorizing the issuance of such bonds. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the same shall have been issued, the surplus shall be set aside and used only paying the principal of and interest on such bonds. In the event that the actual cost of the project exceeds the estimated cost, the Authority may issue additional bonds to cover the deficiency, subject to the same restrictions as required for the original issue.