[§39A‑316]  Issuance of specialpurpose revenue bonds to finance projects.  In addition to the other powersthat it may otherwise have, the department may issue special purpose revenuebonds 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.  Allrevenue bonds issued under this part are special purpose revenue bonds and theprovisions of part III of chapter 39 shall not apply thereto.  All specialpurpose revenue bonds shall be issued in the name of the department and not inthe name of the State.

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

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

(2)  Interest on the bonds and the expenses of theState in connection with the bonds and the project to be financed from theproceeds of the bonds accruing or incurred prior to and during the estimatedperiod of construction and for the period not exceeding twelve monthsthereafter;

(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)  Legal, accounting, consulting, and other specialservice fees;

(8)  Interest cost incurred by the project party withrespect to the project prior to the issuance of the special purpose revenuebonds; and

(9)  Other costs, commissions, and expenses incidentalto 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 theissuance of the special purpose revenue bonds, whether incurred prior to orafter the issuance of the bonds.

The legislature finds and determines that theexercise of the powers vested in the department by this part constitutesassistance to an agricultural enterprise serving important agricultural landsand that the issuance of special purpose revenue bonds to finance facilitiesof, or for, or to loan the proceeds of the bonds to assist project parties isin the public interest. [L 2006, c 148, pt of §1]