[§10-25.5]  Support facility for
variable rate revenue bonds.  If revenue bonds issued pursuant to this
chapter are issued bearing interest at a rate or rates that vary from time to
time or with a right of holders to tender the revenue bonds for purchase, or
both, the board may contract for a support facility or facilities and
remarketing arrangements as are required to market the revenue bonds to the
greatest advantage of the board and the office upon such terms and conditions
as the board deems necessary and proper.



The board may enter into contracts or
agreements with the entity or entities providing a support facility; provided
that any contract or agreement shall provide, in essence, that any amount due
and owing by the board under the contract or agreement on an annual basis shall
be payable from the revenue of the office; provided further that any obligation
issued or arising pursuant to the terms of the contract or agreement in the
form of revenue bonds, notes, or other evidences of indebtedness shall only
arise at such time as either:



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



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