[§39A‑317]  Authorization of specialpurpose revenue bonds.  (a)  Special purpose revenue bonds for each projector multi-project program shall be authorized by a separate act of thelegislature, by an affirmative vote of two-thirds of the members to which eachhouse is entitled; provided that the legislature shall find that the issuanceof the bonds is in the public interest; provided further that no authorizationshall be made for a period exceeding five years of its enactment.  Any specialpurpose revenue bond authorization, or any portion of the special purposerevenue bond authorization that has not been issued at the close of the fiscalyear for the period for which the authorization is made, shall lapse.  Specialpurpose revenue bonds issued pursuant to this part may be in one or more seriesfor each project.  The special purpose revenue bonds of each issue shall bedated, shall bear interest at a rate or rates, shall mature at a time or timesnot exceeding forty years from their date or dates, shall have a rank orpriority and may be made redeemable before maturity at the option of thedepartment, at a price or prices and under terms and conditions, all as may bedetermined by the department.  The department shall determine the form of thespecial purpose revenue bonds, including any interest coupons to be attachedthereto, and the manner of execution of the special purpose revenue bonds, andshall fix the denomination or denominations of the special purpose revenuebonds and the place or places of payment of principal and interest that may beat any bank or trust company within or without the State.  The special purposerevenue bonds may be issued in coupon or in registered form, or both, as thedepartment may determine.  Provisions may be made for the registration of anycoupon bonds as to principal alone and also as to both principal and interestand for the reconversion into coupon bonds of any bonds registered as to bothprincipal and interest.  The department may sell special purpose revenue bonds eitherat public or private sale and for a price that 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 appertaining thereto 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 a lost, stolen, or destroyed bond or coupon.  The new bond or couponshall 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 related charges;

(2)  In the case of a lost, stolen, or destroyed bondor coupon, filed with the department or its fiduciary evidence satisfactory tothe department or its fiduciary that the bond or coupon was lost, stolen, ordestroyed and that the holder was the owner of the bond; and

(3)  Furnished indemnity satisfactory to thedepartment.

(d)  The department may provide that CUSIPidentification numbers be printed on the special purpose revenue bonds.  Ifnumbers are imprinted on the bonds:

(1)  No CUSIP identification number shall constitute apart of the contract evidenced by the particular bond upon which it isimprinted; 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, by reason of the numbers or any use made thereof,including any use made by the department, any officer, or any agent, or byreason of any inaccuracy, error, or omission with respect thereto or in anyuse.

The department may require that all costs ofobtaining and imprinting the numbers shall be paid by the purchaser of thebonds.  For the purpose of this subsection, the term "CUSIP identificationnumbers" means the numbering system adopted by the Committee for UniformSecurity Identification Procedures formed by the Securities IndustryAssociation. [L 2006, c 148, pt of §1]