Common use of Validity of Bonds Clause in Contracts

Validity of Bonds. The recital contained in the Bonds that the same are issued pursuant to the Refunding Law and pursuant hereto shall be conclusive evidence of their validity and of the regularity of their issuance, and all Bonds shall be incontestable from and after their issuance. The Bonds shall be deemed to be issued, within the meaning hereof, upon delivery of the definitive Bonds (or any temporary Bonds exchangeable therefor) and the proceeds of sale thereof received.

Validity of Bonds. The recital contained in the Bonds that the same are issued pursuant to the Refunding Law Act and pursuant hereto shall be conclusive evidence of their validity and of the regularity of their issuance, and all Bonds shall be incontestable from and after their issuance. The Bonds shall be deemed to be issued, within the meaning hereof, upon delivery of whenever the definitive Bonds (or any temporary Bonds exchangeable therefor) shall have been delivered to the purchaser thereof and the proceeds of sale thereof received.