Section 1-16I-5 - Maximum amount of outstanding bonds--Legislative approval of issuance--Contracts.
1-16I-5. Maximum amount of outstanding bonds--Legislative approval of issuance--Contracts. In order to finance energy transmission facilities as authorized pursuant to this chapter, the authority may issue and have outstanding bonds to finance such facilities in an amount not to exceed one billion dollars. However, no bonds may be issued until the issuance of the bonds is specifically approved by an act of the Legislature. The authority shall have contracts sufficient to justify the issuance of bonds.
Source: SL 2005, ch 13, § 5; SL 2007, ch 1, § 2.