The bonds of an Authority shall be authorized by its resolution, shall be issued in one or more series, and shall bear such date, mature at such time, and bear interest at such rate, not exceeding six per centum (6%) per annum, payable semi-annually, be in such denominations, be in such form, either coupon or registered, be executed in such manner, be payable in such medium of payment, at such place, and be subject to such terms of redemption, and carry such registration privileges as may be provided in such resolution, or in any trust, indenture or mortgage properly made in pursuance thereof.

Before any bonds may be sold in pursuance of any resolution of any Authority, the chairman or secretary of such Authority shall certify to the Department of Internal Affairs, a complete and accurate copy of the proceedings had for the issuance of the bonds, which are to be sold, in the manner now or hereafter provided for the certification to said Department of the proceedings relating to the issuance of bonds of the municipalities of this Commonwealth. Upon receiving such certificate of approval of the proceedings from the Department of Internal Affairs, the Authority may proceed with the sale of the bonds in compliance with the provisions of section two hundred twelve of the act, approved the twenty-fifth day of June, one thousand nine hundred and forty-one (Pamphlet Laws, one hundred fifty-nine), as amended.¹

The bonds of an Authority may be sold at not less than par and accrued interest. In case any of the officers of an Authority whose signatures appear on any bonds or coupons shall cease to be officers before the delivery of such bonds, their signatures shall nevertheless be valid and sufficient for all purposes, the same as if such officers had remained in office until such delivery.

The Authority shall have the power, out of any funds available therefor, to purchase any bonds issued by it at a price not more than the par value thereof plus accrued interest. All bonds so purchased shall be cancelled. This paragraph shall not apply to the redemption of bonds.

Any bond, reciting in substance that it has been issued by an Authority to accomplish the public purposes of this act, shall be conclusively deemed in any suit, action or proceeding, involving the validity or enforceability of such bond or security therefor, to have been issued for such purpose.