[§39A-287]  Authorization of special purpose
revenue bonds.  (a)  The department, with the approval of the governor, may
issue special purpose revenue bonds for each single project or multi-project
program for not-for-profit private organizations, for-profit private
organizations, and public instrumentalities and their qualified affiliates
engaged in the development of low- and moderate-income housing that has been
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 the special purpose revenue bonds
is in the public interest; and provided further that no authorization shall be
made for a period exceeding five years of its enactment.  Any special purpose
revenue bond authorization, or any portion of a 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 department 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 organizations, for-profit
private organizations, and public instrumentalities and their qualified
affiliates in the development of low- and moderate-income housing, separately
authorized and approved by the governor as aforesaid, in the total amount not
exceeding the aggregate of the proposed separate issues of special purpose
revenue bonds.  The special purpose revenue bonds of each issue:



(1)  Shall be dated;



(2)  Shall bear interest at a rate or rates;



(3)  Shall mature at a time or times, not to exceed
forty years from their date or dates;



(4)  Shall have a rank or priority; and



(5)  May be made redeemable before maturity at the
option of the department, at a price or prices and under 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 approved by the director of
finance 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 a manner,
either at public or private sale, and for a 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 the 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)  Filed with the department or its fiduciary
evidence satisfactory to the department or its fiduciary that the bond or
coupon was lost, stolen, or destroyed, if such was the case, 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.  If
CUSIP identification 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 the numbers' use.



In its discretion, the department may require
that all costs of obtaining and imprinting the CUSIP identification numbers
shall be paid by the purchaser of the 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 2006, c 102, pt of §2]