§10-25  Revenue bonds.  (a)  Revenue
bonds 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, may
mature at the time or times not exceeding fifty years from their respective
dates, may bear interest at the rate or rates payable at the time or times at
the place or places within or without the State, may carry the registration
privileges as to principal alone or as to both principal and interest, may be
subject to the terms or redemption with or without premium, may be executed in
the manner, may contain the terms, covenants, and conditions, and may be in
such form as the resolution authorizing the issuance of the bonds, or
subsequent resolutions may provide.



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



(c)  The board may make arrangements as may be
necessary or proper for the sale of each issue of revenue bonds or part thereof
as are issued pursuant to this chapter, including arranging for the preparation
and printing of the revenue bonds, the official statement, and any other
documents or instruments deemed required for the issuance and sale of revenue
bonds and retaining financial, accounting, and legal consultants, all upon
terms and conditions as the board deems advisable and in the best interest of
the State and the office.  The board may offer the revenue bonds at competitive
sale or may negotiate the sale of the revenue bonds to any person or group of
persons, to the United States, or any board, agency, instrumentality, or
corporation thereof, to the employees' retirement system of the State, to any
political subdivision of the State, or to any board, agency, instrumentality,
public corporation, or other governmental organization of the State or of any
political subdivision thereof.



The sale of the revenue bonds by the board by
negotiation 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 rates
determined from time to time, in the manner as the board shall approve.



The sale of the revenue bonds by the board at
competitive 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 rates
determined from time to time in the manner as specified by the successful
bidder.  The revenue bonds shall be sold in the manner provided in section 39-55.



(d)  The board may delegate the responsibility
for the sale and the fixing of the terms and details of revenue bonds and such
other determinations or actions as may be provided by resolution of the board,
to the chairperson of the board, the administrator, or another designated
officer.



(e)  All public officers and bodies of the
State, all political subdivisions, all insurance companies and associations,
all banks, savings banks, and savings institutions, including building or
savings and loan associations, all credit unions, all trust companies, all
personal representatives, guardians, trustees, and all other persons and
fiduciaries in the State who are regulated by law as to the character of their
investment, may legally invest funds within their control and available for
investment in revenue bonds issued under this chapter.  The purpose of this
subsection is to authorize any person, firm, corporation, association,
political subdivision, body, or officer, public or private, to use any funds
owned or controlled by them, including, without prejudice to the generality of
the foregoing, sinking, insurance, investment, retirement, compensation,
pension, or trust funds, and funds held on deposit, for the purchase of any
revenue bonds issued under this chapter. [L 1994, c 283, pt of §2(2); am L
2009, c 146, §6]