§47-11  Support facility for variable ratebonds.  If bonds issued pursuant to this chapter are issued bearinginterest at a rate or rates which vary from time to time or with a right ofholders to tender the bonds for purchase, or both, the director of finance withthe approval of the governing body, may contract for such support facility orfacilities and remarketing arrangements as are required to market the bonds tothe greatest advantage of the county upon such terms and conditions as thedirector of finance deems necessary and proper.  The director of finance mayselect and enter into contracts or agreements with the entity or entitiesproviding a support facility; provided that any contract or agreement shallprovide, in essence, that any amount due and owing by the county under thecontract or agreement on an annual basis shall be subject to annualappropriation by the governing body and any obligation issued or arisingpursuant 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 setaside for the full payment of a like principal amount of bonds issued pursuantto this part; or

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