[§342D-89] Revenue bonds; payment and security.
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[§342D-89] Revenue bonds; payment and security.
(a)The revenue bonds shall be payable from and secured by the revenues derived from the benefits of the water pollution control loan program for which the revenue bonds are issued, including:
(1)Any repayment of eligible loans or other agreements entered into for the water pollution control loan programs;
(2)Revenues derived from insurance proceeds; and
(3)Reserve accounts and earnings thereon.
(b)The director may pledge any and all revenues derived from the water pollution control loan program to the punctual payment of the principal, interest, and redemption premiums, if any, on the revenue bonds.
(c)The revenue bonds may be additionally secured by the pledge or assignment of the loans and other agreements or any note, other undertaking, or obligation held by the director or the department to secure the loans.
(d)The director may issue such types of bonds as the director may determine, including bonds on which the principal and interest are payable exclusively from the income and revenues of the water pollution control loan program. [L 1997, c 221, pt of §1]