(i) Grant a security interest in a project for which a note is issued or pledge all or part of the fees, charges, and other revenues received from or in connection with a project to the payment of a note; (ii) Allow for the investment and reinvestment of the proceeds of a note until the proceeds are used for the purposes for which the note was issued; (iii) Govern the disposition of any excess proceeds and the investment earnings on any excess proceeds; and (iv) Require that the board operate and maintain all or a portion of the project regardless of whether the fees, charges, and other revenues received from orin connection with the project are sufficient to cover the cost of operating or maintaining all or a portion of the project. (e) Details of note; date of maturity . -- (1) The board shall specify or authorize the chair or other member of the board to specify: (i) The principal amount of a note; (ii) The rate or rates of interest payable on a note or the method of determiningthe rate or rates of interest payable on a note; (iii) Subject to paragraph (2) of this subsection, the date of maturity of a note, the payment provisions of a note, and the optional and mandatory prepayment provisions of a note, including any mandatory sinking fund installments for the note; and (iv) Other matters, details, forms, documents, and procedures relating to the authorization, issuance, execution, sale, delivery, and payment of a note and the security for a note. (2) The date of maturity for a note may not exceed the useful life of the project forwhich the note is issued. (f) Execution . -- (1) A note shall be executed on behalf of the board by the manual or facsimile signature of the chair of the board or other member of the board authorized by resolution of the board. (2) If the individual whose signature or countersignature appears on a note ceases to be a member of the board before delivery of the note, the individual's signature or countersignature shall be valid and sufficient for all purposes the same as if theindividual had remained a member of the board until delivery. (g) Tax exemption . -- The principal amount of a note, the interest payable on a note, the transfer of a note, and any income derived from the transfer of a note, including anyprofit made on the sale or transfer of a note, shall be exempt from taxation by the State and any county or municipality in the State. (h) Limitation of debt or obligation . -- A note issued under this section does not create or constitute a debt or obligation of the State or any county or municipality in the Stateand
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