§53-16 Bonds of agency. (a) A redevelopment agency may issue bonds from time to time in its discretion for any of its corporate purposes including the payment of principal and interest upon any advances for surveys and plans for redevelopment projects. An agency may also issue refunding bonds for the purpose of paying or retiring or in exchange for bonds previously issued by it. An agency may issue such types of bonds as it may determine, including (without limiting the generality of the foregoing) bonds on which the principal and interest are payable:
(b) Neither the members of an agency nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof. The bonds and other obligations of the agency (and such bonds and obligations shall so state on their face) shall not be a debt of the county or the State and neither the county nor the State shall be liable thereon, nor in any event shall such bonds or obligations be payable out of any county or state funds or properties other than those of the agency acquired for the purposes of this part. The bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction. Bonds of an agency are declared to be issued for an essential public and governmental purpose and to be public instrumentalities and, together with interest thereon and income therefrom, shall be exempt from all taxes.
(c) Bonds of an agency shall be authorized by its resolution and may be issued in one or more series and shall bear such date or dates, be payable upon demand or mature at such time or times, bear interest at such rate or rates, as established by the legislative bodies of the counties, 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 or redemption (with or without premium) as the resolution, its trust indenture, or mortgage may provide.
(d) The bonds shall be sold at not less than par at public sale held after public notice given once at least ten days prior to the sale in the county; provided that the bonds may be sold to the federal government at private sale at not less than par, and, in the event less than all of the bonds authorized in connection with any project or projects are sold to the federal government, the balance of the bonds may be sold at private sale at not less than par at an interest cost to the agency of not to exceed the interest cost to the agency of the portion of the bonds sold to the federal government.
(e) In case any of the members or officers of the agency whose signatures appear on any bonds or coupons cease to be members or officers before the delivery of the bonds, the signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the members or officers had remained in office until the delivery. Any provision of any law to the contrary notwithstanding, any bonds issued pursuant to this part shall be fully negotiable.
(f) In any suit, action, or proceedings involving the validity or enforceability of any bond of an agency or the security therefor, any bond reciting in substance that it has been issued by the agency to aid in financing a redevelopment project, as herein defined, shall be conclusively deemed to have been issued for the purpose and the project shall be conclusively deemed to have been planned, located, and carried out in accordance with the purposes of this part.
(g) In connection with the issuance of bonds and in order to secure the payment of the bonds or obligations, an agency, in addition to its other powers, may:
(h) An agency may by its resolution, trust indenture, mortgage, or other contract confer upon any obligee holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in the resolution or instrument, by suit, action, or proceeding in any court of competent jurisdiction:
(i) An obligee of an agency shall have the right in addition to all other rights which may be conferred on the obligee, subject only to any contractual restrictions binding upon the obligee: