§39A-157  Authorization of special purposerevenue bonds.  (a)  Special purpose revenue bonds for each project ormultiproject program shall be authorized by a separate act of the legislature,by an affirmative vote of two-thirds of the members to which each house isentitled; provided that the legislature shall find that the issuance of suchbonds is in the public interest; provided further that no authorization shallbe made for a period exceeding five years of its enactment.  Any such specialpurpose revenue bond authorization, or any portion of such special purposerevenue bond authorization, which has not been issued at the close of thefiscal year for the period for which the authorization is made, shall lapse. Special purpose revenue bonds issued pursuant to this part may be in one ormore series for each project.  The special purpose revenue bonds of each issueshall be dated, shall bear interest at such rate or rates, shall mature at suchtime or times not exceeding forty years from their date or dates, shall havesuch rank or priority and may be made redeemable before maturity at the optionof the department, at such price or prices and under such terms and conditions,all as may be determined by the department.  The department shall determine theform of the special purpose revenue bonds, including any interest coupons to beattached thereto, and the manner of execution of the special purpose revenuebonds, and shall fix the denomination or denominations of the special purposerevenue bonds and the place or places of payment of principal and interest,which may be at any bank or trust company within or without the State.  Thespecial purpose revenue bonds may be issued in coupon or in registered form, orboth, as the department may determine, and provisions may be made for theregistration of any coupon bonds as to principal alone and also as to bothprincipal and interest, and for the reconversion into coupon bonds of any bondsregistered as to both principal and interest.  The department may sell specialpurpose revenue bonds in such manner, either at public or private sale, and forsuch price as it may determine.

(b)  Prior to the preparation of definitivespecial purpose revenue bonds, the department may issue interim receipts ortemporary bonds, with or without coupons, exchangeable for definitive bondswhen such bonds have been executed and are available for delivery.

(c)  Should any bond issued under this part orany coupon appertaining thereto become mutilated or be lost, stolen, ordestroyed, the department may cause a new bond or coupon of like date, number,and tenor to be executed and delivered in exchange and substitution for, andupon the cancellation of such mutilated bond or coupon, or in lieu of and insubstitution for such lost, stolen, or destroyed bond or coupon.  Such new bondor coupon shall not be executed or delivered until the holder of the mutilated,lost, stolen, or destroyed bond or coupon has (1) paid the reasonable expenseand charges in connection therewith, (2) in the case of a lost, stolen, ordestroyed bond or coupon, has filed with the department or its fiduciaryevidence satisfactory to such department or its fiduciary that such bond orcoupon was lost, stolen, or destroyed and that the holder was the ownerthereof, and (3) has furnished indemnity satisfactory to the department.

(d)  The department may provide that CUSIPidentification numbers shall be printed on such bonds.  In the event suchnumbers are imprinted on any such bonds (1) no such number shall constitute apart of the contract evidenced by the particular bond upon which it isimprinted, and (2) no liability shall attach to the department or any officeror agent thereof, including any fiscal agent, paying agent, or registrar forsuch bonds, by reason of such numbers or any use made thereof, including anyuse thereof made by the department, any such officer, or any such agent, or byreason of any inaccuracy, error, or omission with respect thereto or in suchuse.  The department may require that all costs of obtaining and imprintingsuch numbers shall be paid by the purchaser of such bonds.  For the purpose ofthis subsection, the term "CUSIP identification numbers" means thenumbering system adopted by the Committee for Uniform Security IdentificationProcedures formed by the Securities Industry Association. [L 1981, c 122, pt of§2; am L 2001, c 148, §5]