[§10-25.5]  Support facility forvariable rate revenue bonds.  If revenue bonds issued pursuant to thischapter are issued bearing interest at a rate or rates that vary from time totime or with a right of holders to tender the revenue bonds for purchase, orboth, the board may contract for a support facility or facilities andremarketing arrangements as are required to market the revenue bonds to thegreatest advantage of the board and the office upon such terms and conditionsas the board deems necessary and proper.

The board may enter into contracts oragreements with the entity or entities providing a support facility; providedthat any contract or agreement shall provide, in essence, that any amount dueand owing by the board under the contract or agreement on an annual basis shallbe payable from the revenue of the office; provided further that any obligationissued or arising pursuant to the terms of the contract or agreement in theform of revenue bonds, notes, or other evidences of indebtedness shall onlyarise at such time as either:

(1)  Moneys or securities have been irrevocably setaside for the full payment of a like principal amount of revenue bonds issuedpursuant to this chapter; or

(2)  A like principal amount of the issue or series ofrevenue bonds to which the support facility relates are held in escrow by theentity or entities providing the support facility. [L 2009, c 146, §2]