§ 116‑198.35. Issuance of bonds and bond anticipation notes.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of paying all or any part of the cost of acquiring,constructing, or providing any project or projects on the Centennial Campus, onthe Horace Williams Campus, or on a Millennial Campus. The bonds of each issueshall be dated, shall mature at such time or times not exceeding 40 years fromtheir date or dates, shall bear interest at such rate or rates as may bedetermined by the Board, and may be redeemable before maturity, at the optionof the Board, at such price or prices and under such terms and conditions asmay be fixed by the Board prior to the issuance of the bonds. The Board shalldetermine the form and manner of execution of the bonds, including any interestcoupons to be attached thereto, and shall fix the denomination or denominationsof the bonds and the place or places of payment of principal and interest,which may be at any bank or trust company within or without the State. In caseany officer whose signature or a facsimile of whose signature shall appear onany bonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any of the other provisions of this Article or any recitalsin any bonds issued under the provisions of this Article, all such bonds shallbe deemed to be negotiable instruments under the laws of this State, subjectonly to the provisions for registration in any resolution authorizing theissuance of such bonds or any trust agreement securing the same. The bonds maybe issued in coupon or registered form or both or as book‑entry bonds, asthe Board may determine, and provision may be made for the registration of anycoupon bonds as to principal alone and also as to both principal and interest,and for the reconversion into coupon bonds of any bonds registered as to bothprincipal and interest. The Board may sell such bonds in such manner, at publicor private sale, and for such price, as it may determine to be for the bestinterests of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, bonds may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department, division,commission, board, bureau, or agency of the State and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this section. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bondanticipation notes of the Board in anticipation of the issuance of bondsauthorized pursuant to the provisions of this Article. The principal of and theinterest on such notes shall be payable solely from the proceeds of bonds orrenewal notes, or, in the event bond or renewal note proceeds are notavailable, any available revenues of the project or projects for which suchbonds shall have been authorized. The notes of each issue shall be dated, shallmature at such time or times not exceeding two years from their date or dates,shall bear interest at such rate or rates as may be determined by the Board,and may be redeemable before maturity, at the option of the Board, at suchprice or prices and under such terms and conditions as may be fixed by theBoard prior to the issuance of the notes. The Board shall determine the formand the manner of execution of the notes, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of the notesand the place or places of payment of principal and interest, which may be atany bank or trust company within or without the State. In case any officerwhose signature or a facsimile of whose signature shall appear on any notes orcoupons shall cease to be such officer before the delivery of such notes, suchsignature or such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery.Notwithstanding any of the other provisions of this Article or any recitals inany notes issued under the provisions of this Article, all such notes shall bedeemed to be negotiable instruments under the laws of this State, subject onlyto the provisions for registration in any resolution authorizing the issuanceof such notes or any trust agreement securing the bonds in anticipation ofwhich such notes are being issued. The notes may be issued in coupon orregistered form or both or as book entry notes, as the Board may determine, andprovision may be made for the registration of any coupon notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon notes of any notes registered as to both principal and interest. TheBoard may sell such notes in such manner, at public or private sale, and forsuch price, as it may determine to be for the best interests of the Board.
The proceeds of the notes of each issue shall be used solely for thepurpose for which the bonds in anticipation of which such notes are beingissued shall have been authorized, and such note proceeds shall be disbursed insuch manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such notes or bonds or in the trustagreement securing such bonds.
The resolution providing for the issuance of notes, and any trustagreement securing the bonds in anticipation of which such notes are beingauthorized, may also contain such limitations upon the issuance of additionalnotes as the Board may deem proper, and such additional notes shall be issuedunder such restrictions and limitations as may be prescribed by such resolutionor trust agreement. The Board may also provide for the replacement of any noteswhich shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, notes may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department,division, commission, board, bureau, or agency of the State and without anyother proceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
Unless the context shall otherwise indicate, the word "bonds"wherever used in this Article, shall be deemed and construed to include thewords "bond anticipation notes." (1987, c. 336, s. 1; 1999‑234, s. 6; 2000‑177, s. 7.)
§ 116‑198.35. Issuance of bonds and bond anticipation notes.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of paying all or any part of the cost of acquiring,constructing, or providing any project or projects on the Centennial Campus, onthe Horace Williams Campus, or on a Millennial Campus. The bonds of each issueshall be dated, shall mature at such time or times not exceeding 40 years fromtheir date or dates, shall bear interest at such rate or rates as may bedetermined by the Board, and may be redeemable before maturity, at the optionof the Board, at such price or prices and under such terms and conditions asmay be fixed by the Board prior to the issuance of the bonds. The Board shalldetermine the form and manner of execution of the bonds, including any interestcoupons to be attached thereto, and shall fix the denomination or denominationsof the bonds and the place or places of payment of principal and interest,which may be at any bank or trust company within or without the State. In caseany officer whose signature or a facsimile of whose signature shall appear onany bonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any of the other provisions of this Article or any recitalsin any bonds issued under the provisions of this Article, all such bonds shallbe deemed to be negotiable instruments under the laws of this State, subjectonly to the provisions for registration in any resolution authorizing theissuance of such bonds or any trust agreement securing the same. The bonds maybe issued in coupon or registered form or both or as book‑entry bonds, asthe Board may determine, and provision may be made for the registration of anycoupon bonds as to principal alone and also as to both principal and interest,and for the reconversion into coupon bonds of any bonds registered as to bothprincipal and interest. The Board may sell such bonds in such manner, at publicor private sale, and for such price, as it may determine to be for the bestinterests of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, bonds may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department, division,commission, board, bureau, or agency of the State and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this section. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bondanticipation notes of the Board in anticipation of the issuance of bondsauthorized pursuant to the provisions of this Article. The principal of and theinterest on such notes shall be payable solely from the proceeds of bonds orrenewal notes, or, in the event bond or renewal note proceeds are notavailable, any available revenues of the project or projects for which suchbonds shall have been authorized. The notes of each issue shall be dated, shallmature at such time or times not exceeding two years from their date or dates,shall bear interest at such rate or rates as may be determined by the Board,and may be redeemable before maturity, at the option of the Board, at suchprice or prices and under such terms and conditions as may be fixed by theBoard prior to the issuance of the notes. The Board shall determine the formand the manner of execution of the notes, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of the notesand the place or places of payment of principal and interest, which may be atany bank or trust company within or without the State. In case any officerwhose signature or a facsimile of whose signature shall appear on any notes orcoupons shall cease to be such officer before the delivery of such notes, suchsignature or such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery.Notwithstanding any of the other provisions of this Article or any recitals inany notes issued under the provisions of this Article, all such notes shall bedeemed to be negotiable instruments under the laws of this State, subject onlyto the provisions for registration in any resolution authorizing the issuanceof such notes or any trust agreement securing the bonds in anticipation ofwhich such notes are being issued. The notes may be issued in coupon orregistered form or both or as book entry notes, as the Board may determine, andprovision may be made for the registration of any coupon notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon notes of any notes registered as to both principal and interest. TheBoard may sell such notes in such manner, at public or private sale, and forsuch price, as it may determine to be for the best interests of the Board.
The proceeds of the notes of each issue shall be used solely for thepurpose for which the bonds in anticipation of which such notes are beingissued shall have been authorized, and such note proceeds shall be disbursed insuch manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such notes or bonds or in the trustagreement securing such bonds.
The resolution providing for the issuance of notes, and any trustagreement securing the bonds in anticipation of which such notes are beingauthorized, may also contain such limitations upon the issuance of additionalnotes as the Board may deem proper, and such additional notes shall be issuedunder such restrictions and limitations as may be prescribed by such resolutionor trust agreement. The Board may also provide for the replacement of any noteswhich shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, notes may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department,division, commission, board, bureau, or agency of the State and without anyother proceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
Unless the context shall otherwise indicate, the word "bonds"wherever used in this Article, shall be deemed and construed to include thewords "bond anticipation notes." (1987, c. 336, s. 1; 1999‑234, s. 6; 2000‑177, s. 7.)
§ 116‑198.35. Issuance of bonds and bond anticipation notes.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bonds of theBoard for the purpose of paying all or any part of the cost of acquiring,constructing, or providing any project or projects on the Centennial Campus, onthe Horace Williams Campus, or on a Millennial Campus. The bonds of each issueshall be dated, shall mature at such time or times not exceeding 40 years fromtheir date or dates, shall bear interest at such rate or rates as may bedetermined by the Board, and may be redeemable before maturity, at the optionof the Board, at such price or prices and under such terms and conditions asmay be fixed by the Board prior to the issuance of the bonds. The Board shalldetermine the form and manner of execution of the bonds, including any interestcoupons to be attached thereto, and shall fix the denomination or denominationsof the bonds and the place or places of payment of principal and interest,which may be at any bank or trust company within or without the State. In caseany officer whose signature or a facsimile of whose signature shall appear onany bonds or coupons shall cease to be such officer before the delivery of suchbonds, such signature or such facsimile shall nevertheless be valid andsufficient for all purposes the same as if he had remained in office until suchdelivery. Notwithstanding any of the other provisions of this Article or any recitalsin any bonds issued under the provisions of this Article, all such bonds shallbe deemed to be negotiable instruments under the laws of this State, subjectonly to the provisions for registration in any resolution authorizing theissuance of such bonds or any trust agreement securing the same. The bonds maybe issued in coupon or registered form or both or as book‑entry bonds, asthe Board may determine, and provision may be made for the registration of anycoupon bonds as to principal alone and also as to both principal and interest,and for the reconversion into coupon bonds of any bonds registered as to bothprincipal and interest. The Board may sell such bonds in such manner, at publicor private sale, and for such price, as it may determine to be for the bestinterests of the Board.
The proceeds of the bonds of each issue shall be used solely for thepurpose for which such bonds shall have been authorized and shall be disbursedin such manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such bonds or in the trust agreementhereinafter mentioned securing the same. Unless otherwise provided in theauthorizing resolution or in the trust agreement securing such bonds, if theproceeds of such bonds, by error of estimates or otherwise, shall be less thansuch cost, additional bonds may in like manner be issued to provide the amountof such deficit and shall be deemed to be of the same issue and shall beentitled to payment from the same fund without preference or priority of thebonds first issued for the same purpose.
The resolution providing for the issuance of revenue bonds, and anytrust agreement securing such bonds, may also contain such limitations upon theissuance of additional revenue bonds as the Board may deem proper, and suchadditional bonds shall be issued under such restrictions and limitations as maybe prescribed by such resolution or trust agreement.
Prior to the preparation of definitive bonds, the Board may, under likerestrictions, issue interim receipts or temporary bonds, with or withoutcoupons, exchangeable for definitive bonds when such bonds shall have beenexecuted and are available for delivery. The Board may also provide for thereplacement of any bonds which shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, bonds may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department, division,commission, board, bureau, or agency of the State and without any otherproceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
The Board may enter into or negotiate a note with an acceptable bank ortrust company in lieu of issuing bonds for the financing of projects coveredunder this section. The terms and conditions of any note of this nature shallbe in accordance with the terms and conditions surrounding issuance of bonds.
The Board is hereby authorized to issue, subject to the approval of theDirector of the Budget, at one time or from time to time, revenue bondanticipation notes of the Board in anticipation of the issuance of bondsauthorized pursuant to the provisions of this Article. The principal of and theinterest on such notes shall be payable solely from the proceeds of bonds orrenewal notes, or, in the event bond or renewal note proceeds are notavailable, any available revenues of the project or projects for which suchbonds shall have been authorized. The notes of each issue shall be dated, shallmature at such time or times not exceeding two years from their date or dates,shall bear interest at such rate or rates as may be determined by the Board,and may be redeemable before maturity, at the option of the Board, at suchprice or prices and under such terms and conditions as may be fixed by theBoard prior to the issuance of the notes. The Board shall determine the formand the manner of execution of the notes, including any interest coupons to beattached thereto, and shall fix the denomination or denominations of the notesand the place or places of payment of principal and interest, which may be atany bank or trust company within or without the State. In case any officerwhose signature or a facsimile of whose signature shall appear on any notes orcoupons shall cease to be such officer before the delivery of such notes, suchsignature or such facsimile shall nevertheless be valid and sufficient for allpurposes the same as if he had remained in office until such delivery.Notwithstanding any of the other provisions of this Article or any recitals inany notes issued under the provisions of this Article, all such notes shall bedeemed to be negotiable instruments under the laws of this State, subject onlyto the provisions for registration in any resolution authorizing the issuanceof such notes or any trust agreement securing the bonds in anticipation ofwhich such notes are being issued. The notes may be issued in coupon orregistered form or both or as book entry notes, as the Board may determine, andprovision may be made for the registration of any coupon notes as to principalalone and also as to both principal and interest, and for the reconversion intocoupon notes of any notes registered as to both principal and interest. TheBoard may sell such notes in such manner, at public or private sale, and forsuch price, as it may determine to be for the best interests of the Board.
The proceeds of the notes of each issue shall be used solely for thepurpose for which the bonds in anticipation of which such notes are beingissued shall have been authorized, and such note proceeds shall be disbursed insuch manner and under such restrictions, if any, as the Board may provide inthe resolution authorizing the issuance of such notes or bonds or in the trustagreement securing such bonds.
The resolution providing for the issuance of notes, and any trustagreement securing the bonds in anticipation of which such notes are beingauthorized, may also contain such limitations upon the issuance of additionalnotes as the Board may deem proper, and such additional notes shall be issuedunder such restrictions and limitations as may be prescribed by such resolutionor trust agreement. The Board may also provide for the replacement of any noteswhich shall become mutilated or be destroyed or lost.
Except as herein otherwise provided, notes may be issued under thisArticle and other powers vested in the Board under this Article may beexercised by the Board without obtaining the consent of any department,division, commission, board, bureau, or agency of the State and without anyother proceedings or the happening of any other conditions or things than thoseproceedings, conditions, or things which are specifically required by thisArticle.
Unless the context shall otherwise indicate, the word "bonds"wherever used in this Article, shall be deemed and construed to include thewords "bond anticipation notes." (1987, c. 336, s. 1; 1999‑234, s. 6; 2000‑177, s. 7.)
