[§39A-257]  Authorization of special purposerevenue bonds.  (a)  Special purpose revenue bonds for each single projector multi-project program for not-for-profit private nonsectarian and sectarianelementary schools, secondary schools, colleges, and universities serving thegeneral public shall be authorized by a separate act of the legislature, by anaffirmative 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 inthe public interest; provided further that no authorization shall be made for aperiod exceeding five years of its enactment.  Any such special purpose revenuebond authorization, or any portion of such special purpose revenue bondauthorization, which has not been issued at the close of the fiscal year forthe period for which the authorization is made, shall lapse.  Special purposerevenue bonds issued pursuant to this part may be in one or more series for asingle project, multiple projects, a single-project party, or multiple-projectparties pursuant to the authority of one, or the combined authority of morethan one, separate act of the legislature.

The State may combine into a single issue ofspecial purpose revenue bonds two or more proposed issues of special purposerevenue bonds to assist not-for-profit private nonsectarian and sectarianelementary schools, secondary schools, colleges, and universities, separatelyauthorized as aforesaid, in the total amount of not exceeding the aggregate ofthe proposed separate issues of special purpose revenue bonds.

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 to exceed 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, and the manner of execution of the special purpose revenue bonds. The department shall also fix the denomination or denominations of the specialpurpose revenue bonds and the place or places of payment of principal andinterest, which may be at any bank or trust company within or without theState.  The special purpose revenue bonds may be issued in coupon or inregistered form, or both, as the department may determine.  Provisions may bemade for the registration of any coupon bonds as to principal alone and also asto both principal and interest and for the reconversion into coupon bonds ofany bonds registered as to both principal and interest.  The department maysell special purpose revenue bonds in such manner, either at public or privatesale, and for such 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 pertaining to such a bond 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 the mutilated bond or coupon, or in lieu of and insubstitution for the lost, stolen, or destroyed bond or coupon.

The new bond or coupon shall not be executed ordelivered until the holder of the mutilated, lost, stolen, or destroyed bond orcoupon has:

(1)  Paid the reasonable expense and charges inconnection therewith;

(2)  In the case of a lost, stolen, or destroyed bondor coupon, has filed with the department or its fiduciary evidence satisfactoryto the department or its fiduciary that such bond or coupon was lost, stolen,or destroyed and that the holder was the owner; and

(3)  Has furnished indemnity satisfactory to thedepartment.

(d)  In its discretion, the department maydirect that CUSIP identification numbers shall be printed on the bonds.  In theevent that the numbers are imprinted on the bonds:

(1)  No such number shall constitute a part of thecontract evidenced by the particular bond upon which it is imprinted; and

(2)  No liability shall attach to the department orany of its officers or agents, including any fiscal agent, paying agent, orregistrar for the bonds, because of the numbers or their use, including any usemade by the department or any of its officers or agents, or because of anyinaccuracy, error, or omission with respect thereto or in such use.

In its discretion, the department may require thatall costs of obtaining and imprinting such numbers shall be paid by thepurchaser of such bonds.

For the purposes of this subsection,"CUSIP identification numbers" means the numbering system adopted bythe Committee for Uniform Security Identification Procedures formed by theSecurities Industry Association. [L 2002, c 257, pt of §1]