[§39A‑316]  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, in whole or in part, the costs of facilities of,
or for, or to loan the proceeds of the bonds to assist project parties.  All
revenue bonds issued under this part are special purpose revenue bonds and the
provisions of part III of chapter 39 shall not apply thereto.  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 the following:



(1)  Financing charges, fees, and expenses of any
trustee and paying agents for special purpose revenue bonds issued to pay the
cost of the project;



(2)  Interest on the bonds and the expenses of the
State in connection with the bonds and the project to be financed from the
proceeds of the bonds accruing or incurred prior to and during the estimated
period of construction and for the period not exceeding 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)  Legal, accounting, consulting, and other special
service fees;



(8)  Interest cost incurred by the project party with
respect to the project prior to the issuance of the special purpose revenue
bonds; and



(9)  Other costs, commissions, and expenses incidental
to the construction, acquisition, reconstruction, renovation, rehabilitation,
improvement, betterment, operation, maintenance, or extension of the project,
the financing or refinancing thereof, placing of same in operation, and 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 an agricultural enterprise serving important agricultural lands
and that the issuance of special purpose revenue bonds to finance facilities
of, or for, or to loan the proceeds of the bonds to assist project parties is
in the public interest. [L 2006, c 148, pt of §1]