§1117. Recital of regularity

Before bonds of any subdivision are issued, the governing authority shall investigate and determine the regularity of the proceedings. The resolution authorizing the bonds may direct that they contain the following recital:

"It is certified that this bond is authorized by and is issued in conformity with the requirements of the constitution and statutes of this state."

The recital shall be deemed to be an authorized declaration of the governing authority of the subdivision and to import that there is constitutional and statutory authority for issuing the bonds; that all the proceedings therefor are regular, that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of the bonds have existed, have happened and have been performed in due time, form and manner as required by law; that the amount of the bonds, together with all other indebtedness, does not exceed any limit or limits prescribed by the constitution and statutes of this state; that the required notice has been duly and regularly given by publication or posting in the manner required by law; and that the sworn itemized statements of revenues and all statutory and ordinary charges and other obligations have been duly and regularly made. If any bonds are issued containing the above recital, construed according to the import hereby declared, it shall be conclusively presumed that the recital is true and neither the subdivision nor any taxpayer thereof shall be permitted to question the validity or regularity of the obligation in any court or in action or proceeding.