§47-11  Support facility for variable rate
bonds.  If bonds issued pursuant to this chapter are issued bearing
interest at a rate or rates which vary from time to time or with a right of
holders to tender the bonds for purchase, or both, the director of finance with
the approval of the governing body, may contract for such support facility or
facilities and remarketing arrangements as are required to market the bonds to
the greatest advantage of the county upon such terms and conditions as the
director of finance deems necessary and proper.  The director of finance may
select and enter into contracts or agreements with the entity or entities
providing a support facility; provided that any contract or agreement shall
provide, in essence, that any amount due and owing by the county under the
contract or agreement on an annual basis shall be subject to annual
appropriation by the governing body and any obligation issued or arising
pursuant to the terms of the contract or agreement in the form of bonds, notes,
or other evidences or indebtedness shall only arise at such time as either:



(1)  Moneys or securities have been irrevocably set
aside for the full payment of a like principal amount of bonds issued pursuant
to this part; or



(2)  A like principal amount of the issue or series of
bonds to which the support facility relates are held in escrow by the entity or
entities providing the support facility. [L 1989, c 80, pt of §2]