(a) In order to securethe performance by the State of its obligations under a financing contract orany other related documentation, the State may grant a lien on, or securityinterest in, all or any part of the energy conservation property or the landupon which the energy conservation property is or will be located.
(b) No deficiencyjudgment may be rendered against the State or any State governmental unit inany action for breach of any obligation contained in a financing contract orany other related documentation, and the taxing power of the State is not andmay not be pledged directly or indirectly to secure any moneys due under afinancing contract or any other related documentation. In the event that the GeneralAssembly does not appropriate funds sufficient to make payments required undera financing contract or any other related documentation, the net proceedsreceived from the sale, lease, or other disposition of the property subject tothe lien or security interest created pursuant to subsection (a) of thissection shall be applied to satisfy these payment obligations in accordancewith the deed of trust, security agreement, or other documentation creating thelien or security interest. These net proceeds are hereby appropriated for thepurpose of making these payments. Any net proceeds in excess of the amountrequired to satisfy the obligations of the State under the financing contractor any other related documentation shall be paid to the State Treasurer fordeposit to the General Fund of the State.
(c) Neither a financingcontract nor any other related documentation shall contain a nonsubstitutionclause that restricts the right of the State to (i) continue to provide aservice or conduct an activity or (ii) replace or provide a substitute for anyState property that is the subject of an energy conservation measure.
(d) A financingcontract may include provisions requesting the Governor to submit in theGovernor's budget proposal, or any amendments or supplements to it,appropriations necessary to make the payments required under the financingcontract.
(e) A financingcontract may contain any provisions for protecting and enforcing the rights andremedies of the person advancing moneys or providing funds under the financingcontract that are reasonable and not in violation of law, including covenantssetting forth the duties of the State in respect of the purposes to which thefunds advanced under a financing contract may be applied, and the duties of theState with respect to the property subject to the lien or security interestcreated pursuant to subsection (a) of this section, including, withoutlimitation, provisions relating to insuring and maintaining any property andthe custody, safeguarding, investment, and application of moneys.
(f) The interestcomponent of the installment payments to be made under a financing contract maybe calculated based upon a fixed or variable interest rate or rates asdetermined by the State Treasurer.
(g) If the State Treasurerdetermines that it is in the best interest of the State, the State may enterinto, or arrange for the delivery of, a credit facility to secure payment ofthe payments due under a financing contract or to secure payment of thepurchase price of any certificates of participation delivered as provided inthis Article. (2002‑161,s. 9.)
(a) In order to securethe performance by the State of its obligations under a financing contract orany other related documentation, the State may grant a lien on, or securityinterest in, all or any part of the energy conservation property or the landupon which the energy conservation property is or will be located.
(b) No deficiencyjudgment may be rendered against the State or any State governmental unit inany action for breach of any obligation contained in a financing contract orany other related documentation, and the taxing power of the State is not andmay not be pledged directly or indirectly to secure any moneys due under afinancing contract or any other related documentation. In the event that the GeneralAssembly does not appropriate funds sufficient to make payments required undera financing contract or any other related documentation, the net proceedsreceived from the sale, lease, or other disposition of the property subject tothe lien or security interest created pursuant to subsection (a) of thissection shall be applied to satisfy these payment obligations in accordancewith the deed of trust, security agreement, or other documentation creating thelien or security interest. These net proceeds are hereby appropriated for thepurpose of making these payments. Any net proceeds in excess of the amountrequired to satisfy the obligations of the State under the financing contractor any other related documentation shall be paid to the State Treasurer fordeposit to the General Fund of the State.
(c) Neither a financingcontract nor any other related documentation shall contain a nonsubstitutionclause that restricts the right of the State to (i) continue to provide aservice or conduct an activity or (ii) replace or provide a substitute for anyState property that is the subject of an energy conservation measure.
(d) A financingcontract may include provisions requesting the Governor to submit in theGovernor's budget proposal, or any amendments or supplements to it,appropriations necessary to make the payments required under the financingcontract.
(e) A financingcontract may contain any provisions for protecting and enforcing the rights andremedies of the person advancing moneys or providing funds under the financingcontract that are reasonable and not in violation of law, including covenantssetting forth the duties of the State in respect of the purposes to which thefunds advanced under a financing contract may be applied, and the duties of theState with respect to the property subject to the lien or security interestcreated pursuant to subsection (a) of this section, including, withoutlimitation, provisions relating to insuring and maintaining any property andthe custody, safeguarding, investment, and application of moneys.
(f) The interestcomponent of the installment payments to be made under a financing contract maybe calculated based upon a fixed or variable interest rate or rates asdetermined by the State Treasurer.
(g) If the State Treasurerdetermines that it is in the best interest of the State, the State may enterinto, or arrange for the delivery of, a credit facility to secure payment ofthe payments due under a financing contract or to secure payment of thepurchase price of any certificates of participation delivered as provided inthis Article. (2002‑161,s. 9.)
(a) In order to securethe performance by the State of its obligations under a financing contract orany other related documentation, the State may grant a lien on, or securityinterest in, all or any part of the energy conservation property or the landupon which the energy conservation property is or will be located.
(b) No deficiencyjudgment may be rendered against the State or any State governmental unit inany action for breach of any obligation contained in a financing contract orany other related documentation, and the taxing power of the State is not andmay not be pledged directly or indirectly to secure any moneys due under afinancing contract or any other related documentation. In the event that the GeneralAssembly does not appropriate funds sufficient to make payments required undera financing contract or any other related documentation, the net proceedsreceived from the sale, lease, or other disposition of the property subject tothe lien or security interest created pursuant to subsection (a) of thissection shall be applied to satisfy these payment obligations in accordancewith the deed of trust, security agreement, or other documentation creating thelien or security interest. These net proceeds are hereby appropriated for thepurpose of making these payments. Any net proceeds in excess of the amountrequired to satisfy the obligations of the State under the financing contractor any other related documentation shall be paid to the State Treasurer fordeposit to the General Fund of the State.
(c) Neither a financingcontract nor any other related documentation shall contain a nonsubstitutionclause that restricts the right of the State to (i) continue to provide aservice or conduct an activity or (ii) replace or provide a substitute for anyState property that is the subject of an energy conservation measure.
(d) A financingcontract may include provisions requesting the Governor to submit in theGovernor's budget proposal, or any amendments or supplements to it,appropriations necessary to make the payments required under the financingcontract.
(e) A financingcontract may contain any provisions for protecting and enforcing the rights andremedies of the person advancing moneys or providing funds under the financingcontract that are reasonable and not in violation of law, including covenantssetting forth the duties of the State in respect of the purposes to which thefunds advanced under a financing contract may be applied, and the duties of theState with respect to the property subject to the lien or security interestcreated pursuant to subsection (a) of this section, including, withoutlimitation, provisions relating to insuring and maintaining any property andthe custody, safeguarding, investment, and application of moneys.
(f) The interestcomponent of the installment payments to be made under a financing contract maybe calculated based upon a fixed or variable interest rate or rates asdetermined by the State Treasurer.
(g) If the State Treasurerdetermines that it is in the best interest of the State, the State may enterinto, or arrange for the delivery of, a credit facility to secure payment ofthe payments due under a financing contract or to secure payment of thepurchase price of any certificates of participation delivered as provided inthis Article. (2002‑161,s. 9.)
