§10-25  Revenue bonds.  (a)  Revenuebonds shall be issued in the name of the board, may be in one or more series,may be in the denomination or denominations, may bear the date or dates, maymature at the time or times not exceeding fifty years from their respectivedates, may bear interest at the rate or rates payable at the time or times atthe place or places within or without the State, may carry the registrationprivileges as to principal alone or as to both principal and interest, may besubject to the terms or redemption with or without premium, may be executed inthe manner, may contain the terms, covenants, and conditions, and may be insuch form as the resolution authorizing the issuance of the bonds, orsubsequent resolutions may provide.

(b)  The board may acquire policies ofinsurance and enter into banking arrangements upon terms and conditions as theboard may deem necessary or desirable, at the time of delivery of an issue ofrevenue bonds or a later date as the board deems in the best interest of theoffice, including contracting for a support facility or facilities as permittedin section 10-25.5, and contracting for interest rate swaps, swaptions,interest rate floors, and other similar contracts to hedge or reduce the amountor duration of payment, rate, spread, or similar risk, or to reduce the cost ofborrowing when used in conjunction with revenue bonds issued pursuant to thischapter.

(c)  The board may make arrangements as may benecessary or proper for the sale of each issue of revenue bonds or part thereofas are issued pursuant to this chapter, including arranging for the preparationand printing of the revenue bonds, the official statement, and any otherdocuments or instruments deemed required for the issuance and sale of revenuebonds and retaining financial, accounting, and legal consultants, all uponterms and conditions as the board deems advisable and in the best interest ofthe State and the office.  The board may offer the revenue bonds at competitivesale or may negotiate the sale of the revenue bonds to any person or group ofpersons, to the United States, or any board, agency, instrumentality, orcorporation thereof, to the employees' retirement system of the State, to anypolitical subdivision of the State, or to any board, agency, instrumentality,public corporation, or other governmental organization of the State or of anypolitical subdivision thereof.

The sale of the revenue bonds by the board bynegotiation shall be at a price or prices, and upon terms and conditions, andthe revenue bonds shall bear interest at a rate or rates or varying ratesdetermined from time to time, in the manner as the board shall approve.

The sale of the revenue bonds by the board atcompetitive sale shall be at a price or prices and upon terms and conditions,and the revenue bonds shall bear interest at a rate or rates or varying ratesdetermined from time to time in the manner as specified by the successfulbidder.  The revenue bonds shall be sold in the manner provided in section 39-55.

(d)  The board may delegate the responsibilityfor the sale and the fixing of the terms and details of revenue bonds and suchother determinations or actions as may be provided by resolution of the board,to the chairperson of the board, the administrator, or another designatedofficer.

(e)  All public officers and bodies of theState, all political subdivisions, all insurance companies and associations,all banks, savings banks, and savings institutions, including building orsavings and loan associations, all credit unions, all trust companies, allpersonal representatives, guardians, trustees, and all other persons andfiduciaries in the State who are regulated by law as to the character of theirinvestment, may legally invest funds within their control and available forinvestment in revenue bonds issued under this chapter.  The purpose of thissubsection is to authorize any person, firm, corporation, association,political subdivision, body, or officer, public or private, to use any fundsowned or controlled by them, including, without prejudice to the generality ofthe foregoing, sinking, insurance, investment, retirement, compensation,pension, or trust funds, and funds held on deposit, for the purchase of anyrevenue bonds issued under this chapter. [L 1994, c 283, pt of §2(2); am L2009, c 146, §6]