35-2-711. Securities for acquiring hospitals and related facilities; requirements generally.

(a) Except as otherwise provided:

(i) Securities shall be authorized by resolution adopted by the trustees and shall:

(A) Bear a date or dates;

(B) Be in a denomination or denominations;

(C) Mature at a time or times but in no event exceeding fifty (50) years from their date of issuance;

(D) Be sold at a public or private sale; and

(E) The securities and coupons shall be payable in a medium of payment at a banking institution or other place or places within or without the state, as determined by the trustees.

(ii) Securities may be made subject to prior redemption in advance of maturity in order or by lot or otherwise at a time or times without or with the payment of a premium or premiums not exceeding ten percent (10%) of the principal amount of the security redeemed, as determined by the trustees. The resolution may provide for the accumulation of net revenue for a reserve fund and shall contain other or further covenants and agreements as may be determined by the governing board for the protection of bondholders.

(b) Any resolution authorizing the issuance of securities or other instruments may provide for the capitalizing of interest on any securities during any period of construction estimated by the trustees and one (1) year thereafter and any other cost of any project authorized, by providing for the payment of the amount capitalized from the proceeds of the securities.

(c) Securities may be issued with privileges for conversion or registration, or both, for payment as to principal or interest, or both.

(d) Any resolution authorizing the issuance of securities or any other instrument pertaining to the issuance of securities may provide for their reissuance in other denominations in negotiable or nonnegotiable form and otherwise in any manner and form as the trustees may determine.

(e) Any resolution authorizing, or other instrument pertaining to, any securities may provide that each security authorized shall recite that it is issued under authority of this section. The recital shall conclusively impart full compliance with all of the provisions and all securities issued containing the recital shall be incontestable for any cause whatsoever after their delivery for value.

(f) Subject to the payment provisions specifically provided, any securities or interest coupons attached to the securities shall be fully negotiable within the meaning of and for all the purposes of the Uniform Commercial Code, except as the trustees may otherwise provide, and each holder of the security or any coupons, by accepting such security or coupon shall be conclusively deemed to have agreed that the security or coupon, except as otherwise provided, is and shall be fully negotiable within the meaning and for all purposes of the Uniform Commercial Code.

(g) Notwithstanding any other provision of law, the trustees in any proceedings authorizing securities:

(i) May provide for the initial issuance of one (1) or more securities aggregating the amount of the entire issue or any part thereof;

(ii) May make provisions for installment payments of the principal amount of any security as they may consider desirable;

(iii) May provide for the making of any security payable to bearer or otherwise, registrable as to principal or as to both principal and interest, and where interest accruing is not represented by interest coupons, for the endorsing of payment of interest on the securities.

(h) Except for any securities which are registrable for payment of interest, interest coupons payable to bearer and appertaining to the securities shall be issued and shall bear the original or facsimile signature of the president of the board of trustees.

(j) Any securities authorized may be executed as provided by W.S. 16-2-101 through 16-2-103.

(k) The securities and any coupons bearing the signature of the officers in office at the time of the signing shall be valid and binding obligations of the board of trustees, notwithstanding that before the delivery and payment, any or all of the persons whose signatures appear shall have ceased to fill their respective offices.