422. Every bond issued by the Council by virtue of a resolution approved by the Minister of Municipal Affairs, stamped with the seal of the Minister of Municipal Affairs and provided with a certificate of the Minister of Municipal Affairs or of a person specially authorized by him attesting that the resolution authorizing its issue has been approved by the Minister of Municipal Affairs and that the bond is issued in accordance with that resolution, is indefeasibly valid.
This section does not apply to any issue of bonds made or loan contracted after 7 March 1982.