476A.26 - PUBLIC BONDS OR OBLIGATIONS -- TYPES -- SOURCES FOR PAYMENT -- SECURITY.
476A.26 PUBLIC BONDS OR OBLIGATIONS -- TYPES -- SOURCES FOR PAYMENT -- SECURITY. 1. Except as otherwise expressly provided by this subchapter or by the electric power agency, every issue of public bonds or obligations of the electric power agency shall be payable out of any revenues or funds of the electric power agency, subject only to any agreements with the holders of particular public bonds or obligations pledging any particular revenues or funds. 2. An electric power agency may issue types of public bonds or obligations as it may determine, including public bonds or obligations as to which the principal and interest are payable exclusively from the revenues from one or more projects, or from an interest in such project or projects, or a right to capacity of such project or projects, or from any revenue-producing contract made by the electric power agency with any person, or from its revenues generally. 3. Any public bonds or obligations may be additionally secured by a pledge of any grant, subsidy, or contribution from any public agency or other person, or a pledge of any income or revenues, funds, or moneys of the electric power agency from any other source.
Section History: Recent Form 2001 Acts, 1st Ex, ch 4, §23, 36