[§39A‑317]  Authorization of special
purpose revenue bonds.  (a)  Special purpose revenue bonds for each project
or multi-project program shall be 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 bonds is in the public interest; 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 the special purpose
revenue bond authorization that 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 each project.  The special purpose revenue bonds of each issue shall be
dated, shall bear interest at a rate or rates, shall mature at a time or times
not exceeding forty years from their date or dates, shall have a rank or
priority and 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
thereto, and the manner of execution of the special purpose revenue bonds, and
shall fix the denomination or denominations of the special purpose revenue
bonds and the place or places of payment of principal and interest that may be
at any bank or trust company 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 either
at public or private sale and for a price that 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 appertaining thereto 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 a 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 related charges;



(2)  In the case of a lost, stolen, or destroyed bond
or coupon, 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 and that the holder was the owner of the bond; and



(3)  Furnished indemnity satisfactory to the
department.



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



(1)  No CUSIP identification 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, by reason of the numbers or any use made thereof,
including any use made by the department, any officer, or any agent, or by
reason of any inaccuracy, error, or omission with respect thereto or in any
use.



The department may require that all costs of
obtaining and imprinting the numbers shall be paid by the purchaser of the
bonds.  For the purpose of this subsection, the term "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 148, pt of §1]