[§171-144] Issuance of revenue bonds.

238 words·~1 min read·/hi/chapter-171/171-144

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The board may issue revenue bonds in the name of the department in such amounts as may be authorized by the legislature. Except as provided in this chapter, all revenue bonds shall be issued pursuant to part III of chapter 39 to finance, in whole or in part, the costs of construction, acquisition, or maintenance of any industrial park and to pledge or assign for the punctual payment of the revenue bonds, and interest thereon, any and all revenues derived from any industrial park or parks undertaken by the board, in an amount sufficient to pay the principal and interest of the revenue bonds as they become due, and to create and maintain reasonable reserves or sinking funds therefor. Funds of the board, not otherwise required, may be advanced to pay necessary expenses incurred in preparation for the issuance of the revenue bonds. The board may take any other appropriate action in connection with the issuance of revenue bonds.

(b)All revenue bonds issued pursuant to this chapter shall be issued in the name of the department and not in the name of the State.

(c)The board, with the approval of the governor, may designate by resolution one or more industrial parks undertaken pursuant to this chapter as an "undertaking" as defined in section 39-51 and for purposes of part III of chapter 39. [L 1994, c 162, pt of §1]