§31-18-9. Borrowing of money.
The borrowing of money and the notes and bonds evidencing any
such borrowing shall be authorized by resolution approved by the
board of directors of the housing development fund, shall bear such
date or dates, and shall mature at such time or times, in the case
of any such note or any renewal thereof, not exceeding ten years
from the date of issue of such original note, and, in the case of
any such bond, not exceeding fifty years from the date of issue, as
such resolution or resolutions may provide. The notes and bonds
shall bear interest at such rate or rates, be in such
denominations, be in such form, either coupon or registered, carry
such registration privileges, be executed in such manner, be
payable in such medium of payment, at such place or places, and be
subject to such terms or conditions of redemption as such
resolution or resolutions may provide.