15-1683. Issuance of bonds
A. The board shall have power, and is hereby authorized from time to time, to issue
bonds:
1. To acquire any one project, or more than one, or any combination thereof, for
such institution, if both of the following conditions are met:
(a) As of the date of issuance of bonds or certificates of participation for any
institution, projected debt service on bonds and certificates of participation then
outstanding and proposed to be issued for such institution, as shown in the most recent
capital improvement plan reported to the board, may not exceed, in any fiscal year shown
in such capital improvement plan, more than eight per cent of such institution's total
projected expenditures and mandatory transfers. The calculation of compliance with this
condition shall be as set forth in and approved by the board in its adopted capital
improvement plan for such institution.
(b) The project to be acquired with the proceeds of the bonds is reviewed by the
joint committee on capital review.
2. To refund bonds heretofore and hereafter issued to acquire any project or
projects for such institution as hereinafter provided for.
3. To refund any such refunding bonds.
4. For any one, or more than one, or all of such purposes, or any combination
thereof.
B. All bonds shall be authorized by resolution of the board and may be issued in
one or more series, may bear such date or dates, may be in such denomination or
denominations, may mature at such time or times not exceeding the earlier of forty years
from the respective dates thereof or the useful life of the capital improvements, may
mature in such amount or amounts, may bear interest at such rate or rates as shall be
determined by the board, payable at such time or times, may be in such form, either
coupon or registered as to principal only or as to both principal and interest, may carry
such registration privileges, including the conversion of a fully registered bond to a
coupon bond or bonds and the conversion of a coupon bond to a fully registered bond, may
be executed in such manner, may be made payable in such medium of payment, at such place
or places within or without the state, and may be subject to such terms of redemption
prior to their expressed maturity, with or without premium, as such resolution or other
resolutions may provide. All bonds issued under this article shall be sold as the board
shall determine. Such resolution may provide that one of the officers of the board shall
sign such bonds manually and that the other signatures may be printed, lithographed,
engraved or otherwise reproduced thereon. The coupon bonds shall be fully negotiable
within the meaning of the uniform commercial code, title 47.
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