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



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



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



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



(3)  Amounts necessary to establish or increase
reserves 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 the
feasibility or practicability of the project;



(6)  Administration expenses;



(7)  The cost of interest incurred by the project
party with respect to the project prior to the issuance of the special purpose
revenue bonds;



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



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



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



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



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