28F.3 - REVENUE BONDS.
28F.3 REVENUE BONDS.
An entity created to carry out an agreement authorizing the joint
exercise of those governmental powers enumerated in section 28F.1
shall have power to construct, acquire, own, repair, improve, expand,
operate and maintain a project or projects necessary to carry out the
purposes of such agreement, and to issue from time to time revenue
bonds payable from the revenues derived from such project or
projects, or any combination of such projects, to finance the cost or
part of the cost of the acquisition, construction, reconstruction,
repair, extension or improvement of such project or projects,
including the acquisition for the purposes of such agreement, of any
property, real or personal or mixed therefor. The power of the
entity to issue revenue bonds shall not be exercised until authorized
by resolution duly adopted by each of the public agencies
participating in such agreement. Public agencies participating in
such an agreement may not withdraw or in any way terminate, amend, or
modify in any manner to the detriment of the bondholders said
agreement if revenue bonds or obligations issued in anticipation of
the issuance of said revenue bonds have been issued and are then
outstanding and unpaid as provided for herein. Any revenue bonds for
the payment and discharge of which, upon maturity or upon redemption
prior to maturity, provision has been made through the setting apart
in a reserve fund or special trust account created pursuant to this
chapter to insure the payment thereof, of moneys sufficient for that
purpose or through the irrevocable segregation for that purpose in a
sinking fund or other fund or trust account of moneys sufficient
therefor, shall be deemed to be no longer outstanding and unpaid
within the meaning of any provision of this chapter. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 28F.3]
Referred to in § 28F.4