6-25-17. Economic development revolving fund bonds of the
242 words·~1 min read·
/nm/chapter-6-public-finances/article-25-statewide-economic-development/6-25-17·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
authority; use; security.
A. The authority may issue and sell economic development revolving fund bonds in principal amounts it determines necessary to provide sufficient money for any purpose of the Statewide Economic Development Finance Act, including:
(1)making loans;
(2)entering into loan participations;
(3)providing loan guarantees;
(4)purchasing project revenue bonds;
(5)paying, funding or refunding of the principal of or interest or redemption premiums on economic development revolving fund bonds issued by the authority, whether the economic development revolving fund bonds or interest to be paid, funded or refunded have or have not become due;
(6)establishing or increasing reserves or sinking funds to secure or to pay principal, premium, if any, or interest on economic development revolving fund bonds; and
(7)paying all other costs or expenses of the authority incident to and necessary or convenient to carry out its duties pursuant to the Statewide Economic Development Finance Act.
B. All economic development revolving fund bonds issued by the authority shall be payable solely from the fund and the revenues, income and fees deposited in the fund, and the economic development revolving fund bonds shall not create an obligation, debt or liability of the state. No breach of any pledge, obligation or agreement of the authority shall impose a pecuniary liability or a charge upon the general credit or taxing power of the state or any political subdivision of the state.
History: Laws 2005, ch. 103, § 14.