63B-1a-102 - Commission responsibilities -- Manner of issuance -- Plan of financing -- Registration -- Signatures -- Replacement -- Reporting.
63B-1a-102. Commission responsibilities -- Manner of issuance -- Plan of financing-- Registration -- Signatures -- Replacement -- Reporting.
(1) The commission may determine by resolution:
(a) the manner in which bonds issued under this chapter may be authorized, sold, andissued;
(b) to issue bonds in one or more series;
(c) the amounts, dates, interest rates, including a variable rate or rates, and maturity datesof the bonds;
(d) the manner of sale, including public or private sale;
(e) the terms and conditions of sale, including price, whether at, below, or above facevalue;
(f) the denominations, registration, exchange, form, including book-entry only, mannerof execution, manner of authentication, place and medium of purchase, redemption terms, andtender rights of the bonds; and
(g) other provisions and details that it considers appropriate.
(2) The commission may, by resolution, adopt a plan of financing, which may includeterms and conditions of arrangements entered into by the commission on behalf of the state withfinancial and other institutions for bond insurance, letters of credit, standby bond purchaseagreements, reimbursement agreements, and remarketing, indexing, and tender agent agreementsrelating to the bonds, including payment from any legally available source of fees, charges, orother amounts coming due under the agreements entered into by the commission.
(3) The commission may provide for the services and payment for the services of one ormore financial institutions or other entities, persons, or nominees, within or outside the state, forthe authentication, registration, transfer, including record, bookkeeping, or book-entry functions,exchange, and payment of the bonds.
(4) The commission may provide for the calculation and payment to the United States ofwhatever amounts are necessary to comply with the Internal Revenue Code.
(5) (a) The commission shall, by resolution, authorize a public official to sign the bonds.
(b) That signature may be a facsimile signature of that official that is imprinted,engraved, stamped, or otherwise placed on the bonds.
(c) If all signatures of public officials on the bonds are facsimile signatures, thecommission shall provide for a manual authenticating signature on the bonds by or on behalf of adesignated authentication agent.
(d) If a public official ceases to hold office before delivery of the bonds signed by thatofficial, the signature or facsimile signature of the public official is nevertheless valid for allpurposes.
(6) The commission may cause a facsimile of the state seal to be imprinted, engraved,stamped, or otherwise placed on the bonds.
(7) The commission shall provide an annual report of its proceedings to the governor toinclude in his budget for as long as any bonds issued under this chapter remain outstanding.
Enacted by Chapter 2, 2003 General Session