[§39A-286]  Issuance of special purposerevenue bonds to finance projects.  In addition to the other powers that itmay otherwise have, the department may issue special purpose revenue bonds tofinance or refinance the costs of developing low- and moderate-income housingor to loan the proceeds of bonds to assist project parties in the developmentof low- and moderate-income housing.  All bonds issued under this part arespecial purpose revenue bonds and the provisions of part III of chapter 39shall not apply.  All special purpose revenue bonds shall be issued in the nameof the department and not in the name of the State.

In determining the cost of any project, thedepartment may also include:

(1)  Financing charges, fees, the expenses oftrustees, and the cost of paying agents to issue special purpose revenue bondsto fund the project;

(2)  Interest on the bonds and the expenses of theState in connection with the bonds and the project to be financed or refinancedfrom the proceeds of the bonds accruing or incurred prior to and during theperiod of construction, not to exceed twelve months thereafter;

(3)  Amounts necessary to establish or increasereserves for the special purpose revenue bonds;

(4)  The cost of plans, specifications, studies,surveys, and estimates of costs and of revenues;

(5)  Other expenses incidental to determining thefeasibility or practicability of the project;

(6)  Administration expenses;

(7)  The cost of interest incurred by the projectparty with respect to the project prior to the issuance of the special purposerevenue bonds;

(8)  Fees and expenses incurred in connection with therefinancing of outstanding obligations;

(9)  Other costs, commissions, and expenses incidentalto the project;

(10)  The financing or refinancing of the project andplacing the project in operation; and

(11)  The issuance of the special purpose revenuebonds, whether incurred prior to or after the issuance of the bonds.

The legislature finds and determines that theexercise of the powers vested in the department by this part constitutesassistance to not-for-profit private organizations, for-profit privateorganizations, and public instrumentalities and their qualified affiliates inthe development of low- and moderate-income housing, and that the issuance ofspecial purpose revenue bonds to finance or refinance projects of or forproject parties or to loan the proceeds of the bonds to assist project partiesin the development of low- and moderate-income housing is in the publicinterest.  The legislature further finds that this governmental assistance tonot-for-profit private organizations, for-profit private organizations, andpublic instrumentalities and their qualified affiliates is necessary toencourage public-private partnerships to develop affordable housing for low-and moderate-income families in the State. [L 2006, c 102, pt of §2]