§39A-227  Authorization of special
purpose revenue bonds.  (a)  Special purpose revenue bonds for each single
project or multi-project program for early childhood education and care
facilities serving the general public shall be authorized by a separate act of
the legislature, by an affirmative vote of two-thirds of the members to which
each house is entitled; provided that the legislature shall find that the
issuance of such bonds is in the public interest; provided further that no
authorization shall be made for a period exceeding five years of its
enactment.  Any such special purpose revenue bond authorization, or any portion
of such special purpose revenue bond authorization, which has not been issued
at the close of the fiscal 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 or more series for each project.  The special purpose revenue
bonds of each issue shall be dated, shall bear interest at such rate or rates,
shall mature at such time or times not exceeding forty years from their date or
dates, shall have such rank or priority and may be made redeemable before
maturity at the option of 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 the form of the special purpose revenue bonds,
including any interest coupons to be attached thereto, and the manner of
execution of the special purpose revenue bonds, and shall fix the denomination
or denominations of the special purpose revenue 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.  The special purpose revenue bonds may be issued
in coupon or in registered form, or both, as the department may determine, and
provisions may be made for the registration of any coupon bonds as to principal
alone and also as to both principal and interest, and for the reconversion into
coupon bonds of any bonds registered as to both principal and interest.  The
department may sell special purpose revenue bonds in such manner, either at
public or private sale, and for such price as it may determine.



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



(c)  Should any bond issued under this part or
any coupon appertaining thereto become mutilated or be lost, stolen, or
destroyed, 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, and
upon the cancellation of such mutilated bond or coupon, or in lieu of and in
substitution for such lost, stolen, or destroyed bond or coupon.  Such new bond
or 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 expense
and charges in connection therewith; (2) in the case of a lost, stolen, or
destroyed bond or coupon, has filed with the department or its fiduciary
evidence satisfactory to such department or its fiduciary that such bond or
coupon was lost, stolen, or destroyed and that the holder was the owner
thereof; and (3) has furnished indemnity satisfactory to the department.



(d)  The department in its discretion may
provide that CUSIP identification numbers shall be printed on such bonds.  In
the event such numbers are imprinted on any such bonds (1) no such number shall
constitute a part of the contract evidenced by the particular bond upon which
it is imprinted, and (2) no liability shall attach to the department or any
officer or agent thereof, including any fiscal agent, paying agent, or
registrar for such bonds, by reason of such numbers or any use made thereof,
including any use thereof made by the department, any such officer, or any such
agent, or by reason of any inaccuracy, error, or omission with respect thereto
or in such use.  The department in its discretion may require that all costs of
obtaining and imprinting such numbers shall be paid by the purchaser of such
bonds.  For the purposes of this subsection, the term "CUSIP
identification numbers" means the numbering system adopted by the
Committee for Uniform Security Identification Procedures formed by the
Securities Industry Association. [L 1994, c 280, pt of §6; am L 2001, c 148,
§7]