[§39A-287]  Authorization of special purposerevenue bonds.  (a)  The department, with the approval of the governor, mayissue special purpose revenue bonds for each single project or multi-projectprogram for not-for-profit private organizations, for-profit privateorganizations, and public instrumentalities and their qualified affiliatesengaged in the development of low- and moderate-income housing that has beenauthorized by a separate act of the legislature, by an affirmative vote oftwo-thirds of the members to which each house is entitled; provided that thelegislature shall find that the issuance of the special purpose revenue bondsis in the public interest; and provided further that no authorization shall bemade for a period exceeding five years of its enactment.  Any special purposerevenue bond authorization, or any portion of a 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 department may combine into a single issueof special purpose revenue bonds two or more proposed issues of special purposerevenue bonds to assist not-for-profit private organizations, for-profitprivate organizations, and public instrumentalities and their qualifiedaffiliates in the development of low- and moderate-income housing, separatelyauthorized and approved by the governor as aforesaid, in the total amount notexceeding the aggregate of the proposed separate issues of special purposerevenue 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 exceedforty years from their date or dates;

(4)  Shall have a rank or priority; and

(5)  May be made redeemable before maturity at theoption 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 thespecial purpose revenue bonds, including any interest coupons to be attached,and the manner of execution of the special purpose revenue bonds.  Thedepartment 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 approved by the director offinance within or without the State.  The special purpose revenue bonds may beissued in coupon or in registered form, or both, as the department maydetermine.  Provisions may be made for the registration of any coupon bonds asto principal alone and also as to both principal and interest and for thereconversion into coupon bonds of any bonds registered as to both principal andinterest.  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 definitivespecial purpose revenue bonds, the department may issue interim receipts ortemporary bonds, with or without coupons, exchangeable for definitive bondswhen the 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)  Filed with the department or its fiduciaryevidence satisfactory to the department or its fiduciary that the bond orcoupon was lost, stolen, or destroyed, if such was the case, and that theholder 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.  IfCUSIP identification 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 the numbers' use.

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