36-491.03
|
36-491.03. Agreements A. The authority shall not be empowered to operate any project. B. All projects acquired or financed by the authority shall be operated by or on behalf of either a participating facility, or any combination or joint venture between participating facilities. C. Each agreement shall contain, but shall not be limited to, the following provisions: 1. A provision for payment or accrual of annual amounts sufficient to pay the full cost of acquisition of the facility, including interest on and costs incurred in issuance of any bonds to finance such acquisition. 2. A term which at a minimum shall be equal to the full life of any bonds issued to finance the acquisition of the facility and at a maximum fifty years. 3. Provisions requiring that the participating facility assume all liability occurring at or caused by the operation of the facility and to adequately insure the authority against any loss or damages caused by the operation of the facility. D. Any lease or sublease agreements may contain a clause permitting the participating facility to purchase the facility upon the retirement of all bonds secured by such lease or sublease for a price to be specified in the agreement. |