[§39A‑226]  Issuance of special
purpose revenue bonds to finance projects.  In addition to the other powers
which it may otherwise have, the department may issue special purpose revenue
bonds to finance or refinance, the costs of facilities of, or for, or to loan
the proceeds of such bonds to assist project parties.  All revenue bonds issued
under this part are special purpose revenue bonds and the provisions of part
III of chapter 39 shall not apply thereto.  All special purpose revenue
bonds shall be issued in the name of the department and not in the name of the
State.



The department in determining the cost of any
project, may also include the following:  financing charges, fees, and expenses
of any trustee and paying agents for special purpose revenue bonds issued to
pay the cost of such project; interest on such bonds and the expenses of the
State in connection with such bonds and the project to be financed or
refinanced from the proceeds of such bonds accruing or incurred prior to and
during the period of construction and for not exceeding twelve months
thereafter; amounts necessary to establish or increase reserves for the special
purpose revenue bonds; the cost of plans, specifications, studies, surveys, and
estimates of costs and of revenues; other expenses incidental to determining
the feasibility or practicability of the project; administration expenses;
interest cost incurred by the project party with respect to the project prior
to the issuance of the special purpose revenue bonds; fees and expenses
incurred in connection with the refinancing of outstanding obligations; and
such other costs, commissions, and expenses incidental to the construction,
acquisition, reconstruction, renovation, rehabilitation, improvement,
betterment, operation, or extension of the project, the financing or
refinancing thereof, placing of same in operation, and the issuance of the
special purpose revenue bonds, whether incurred prior to or after the issuance
of such bonds.



The legislature finds and determines that the exercise
of the powers vested in the department by this part constitutes assistance to
not-for-profit corporations serving the general public and that the issuance of
special purpose revenue bonds to finance or to refinance facilities of, or for,
or to loan the proceeds of such bonds to assist, project parties, is in the
public interest. [L 1994, c 280, pt of §6]