§48E-5  Project agreement.  (a)  Anyproject agreement entered into by the county shall contain provisionsunconditionally obligating the project party to pay the county during theperiod or term of the project agreement, exclusive of any renewal or extensionthereof and whether or not the pollution control project is used or occupied bythe project party, at such time or times and in such amount or amounts thatwill be at least sufficient:

(1)  To pay the principal of, and premium, if any, andinterest on all special purpose revenue bonds issued to finance the costs ofthe pollution control project as and when the same becomes due, including uponany required redemption thereof;

(2)  To establish or maintain such reserves, if any,as may be required by the instrument authorizing or securing the specialpurpose revenue bonds;

(3)  To pay the fees and expenses of the paying agentsand trustees for the special purpose revenue bonds;

(4)  To pay the expenses incurred by the county inadministering the bonds or in carrying out the project agreement; provided thatmoneys received by the county to pay such expenses shall not be, nor be deemedto be, revenues derived under the project agreement which may be pledged assecurity for special purpose revenue bonds and shall be paid into the countyfund from which such payments are made; and

(5)  To pay any and all of the cost, direct orindirect, in the operation, maintenance, and repair of the pollution controlproject.

(b)  Any project agreement entered into by thecounty may contain such provisions as the county deems necessary or desirableto obtain or permit the participation of the state and federal government inthe pollution control project or in the financing of the costs thereof.

(c)  A project agreement shall provide that thecounty shall have all rights and remedies generally available at law or inequity to reenter and take possession of a pollution control project upon thebreach or default by a project party of any term, condition, or provision of aproject agreement.

(d)  The county may extend or renew any projectagreement or any other agreement related thereto, in accordance with theproject agreement. [L 1983, c 237, pt of §2]