[§39A-257]  Authorization of special purpose
revenue bonds.  (a)  Special purpose revenue bonds for each single project
or multi-project program for not-for-profit private nonsectarian and sectarian
elementary schools, secondary schools, colleges, and universities 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 a
single project, multiple projects, a single-project party, or multiple-project
parties pursuant to the authority of one, or the combined authority of more
than one, separate act of the legislature.



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



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 to exceed 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, and the manner of execution of the special purpose revenue bonds. 
The department shall also 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.  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 pertaining to such a bond 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 the mutilated bond or coupon, or in lieu of and in
substitution for the lost, stolen, or destroyed bond or coupon.



The 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 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 the
department.



(d)  In its discretion, the department may
direct that CUSIP identification numbers shall be printed on the bonds.  In the
event that the numbers are imprinted on the 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 of its officers or agents, including any fiscal agent, paying agent, or
registrar for the bonds, because of the numbers or their use, including any use
made by the department or any of its officers or agents, or because of any
inaccuracy, error, or omission with respect thereto or in such use.



In its discretion, the department 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,
"CUSIP identification numbers" means the numbering system adopted by
the Committee for Uniform Security Identification Procedures formed by the
Securities Industry Association. [L 2002, c 257, pt of §1]