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

The department in determining the cost of anyproject, may also include the following:  financing charges, fees, and expensesof any trustee and paying agents for special purpose revenue bonds issued topay the cost of such project; interest on such bonds and the expenses of theState in connection with such bonds and the project to be financed orrefinanced from the proceeds of such bonds accruing or incurred prior to andduring the period of construction and for not exceeding twelve monthsthereafter; amounts necessary to establish or increase reserves for the specialpurpose revenue bonds; the cost of plans, specifications, studies, surveys, andestimates of costs and of revenues; other expenses incidental to determiningthe feasibility or practicability of the project; administration expenses;interest cost incurred by the project party with respect to the project priorto the issuance of the special purpose revenue bonds; fees and expensesincurred in connection with the refinancing of outstanding obligations; andsuch other costs, commissions, and expenses incidental to the construction,acquisition, reconstruction, renovation, rehabilitation, improvement,betterment, operation, or extension of the project, the financing orrefinancing thereof, placing of same in operation, and the issuance of thespecial purpose revenue bonds, whether incurred prior to or after the issuanceof such bonds.

The legislature finds and determines that the exerciseof the powers vested in the department by this part constitutes assistance tonot-for-profit corporations serving the general public and that the issuance ofspecial 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 thepublic interest. [L 1994, c 280, pt of §6]