Section 195-D:9 Bonds of the Corporation.
I. The corporation is authorized to issue its negotiable revenue bonds from time to time for any corporate purposes, including the financing of all or part of the costs of any projects or the refinancing of existing indebtedness.
II. In anticipation of the sale of such revenue bonds the corporation may issue negotiable bond anticipation notes and may renew the same from time to time, but the maximum maturity of any such note, including renewals thereof, shall not exceed 5 years from the date of issue of the original note. Such notes shall be paid from any revenues of the corporation available therefor and not otherwise pledged, or from the proceeds of sale of the revenue bonds of the corporation in anticipation of which they were issued. The notes shall be issued in the same manner as the revenue bonds. Such notes and the resolution or resolutions authorizing the same may contain any provisions, conditions, or limitations which a bond resolution of the corporation may contain.
III. The revenue bonds and notes of every issue shall be payable solely out of revenue of the corporation, subject only to any agreements with the holders of particular revenue bonds or notes pledging any particular revenues. Notwithstanding that revenue bonds and notes may be payable from a special fund, if they are otherwise of such form and character as to be negotiable instruments under the terms of the uniform commercial code of the state the revenue bonds and notes shall be and are hereby made negotiable instruments within the meaning of and for all purposes of the uniform commercial code, subject only to the provisions of the revenue bonds and notes for registration.
IV. The revenue bonds may be issued as serial bonds or as term bonds, or the corporation, in its discretion, may issue bonds of both types. The revenue bonds shall be authorized by resolution of the corporation and shall bear such date or dates, mature at such time or times, not exceeding 40 years from their respective dates, bear interest at such rate or rates, shall be payable at such time or times, be in such denominations, be in such form, either coupon or registered, carry such registration privileges, be executed in such manner, be payable in lawful money of the United States of America at such place or places, and be subject to such terms of redemption, as such resolution or resolutions provide. In the event that term bonds are issued, the resolution authorizing the same may make such provisions for the establishment and management of adequate sinking funds for the payment thereof, as the corporation judges necessary. The revenue bonds or notes may be sold at public or private sale for such price or prices as the corporation determines. Pending preparation of the definitive bonds, the corporation may issue interim receipts or certificates which shall be exchanged for such definitive bonds.
V. Any resolution or resolutions authorizing any revenue bonds or any issue of revenue bonds may contain provisions, which shall be a part of the contract with the holders of the revenue bonds to be authorized, as to:
(a) Pledging all or any part of the revenues of a project or any revenue producing contract or contracts made by the corporation with any individual, partnership, corporation, or association or other body, public or private, to secure the payment of the revenue bonds or of any particular issue of revenue bonds, subject to such agreements with bondholders as then exist;
(b) The rentals, fees, and other charges to be charged, and the amounts to be raised in each year thereby, and the use and disposition of the revenues;
(c) The setting aside of reserves or sinking funds, and the regulation and disposition thereof;
(d) Limitations on the right of the corporation or its agent to restrict and regulate the use of the project;
(e) Limitations on the purpose to which the proceeds of sale of any issue of revenue bonds then or thereafter to be issued may be applied and pledging such proceeds to secure the payment of the revenue bonds or any issue of the revenue bonds;
(f) Limitations on the issuance of additional bonds; the terms upon which additional bonds may be issued and secured; the refunding of outstanding bonds;
(g) The procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;
(h) Limitations on the amount of moneys derived from the project to be expended for operating, administrative or other expenses of the corporation;
(i) Defining the acts or omissions to act which shall constitute a default in the duties of the corporation to holders of its obligations and providing the rights and remedies of such holders in the event of a default;
(j) The mortgaging of a project and the site thereof for the purpose of securing the bondholders;
(k) Such other additional covenants, agreements, and provisions as are judged desirable or necessary by the corporation for the security of the holders of such bonds.
VI. Neither the members of the corporation nor any person executing the revenue bonds or notes shall be liable personally on the revenue bonds or notes or be subject to any personal liability or accountability by reason of the issuance thereof.
VII. The corporation has the power, out of any funds available therefor, to purchase its bonds or notes. The corporation may hold, pledge, cancel, or resell such bonds, subject to and in accordance with agreements with bondholders.
VIII. [Repealed.]
Source. 1969, 318:1. 1971, 198:8, 9. 1979, 384:7. 1991, 298:6. 1999, 253:18, eff. July 9, 1999.