§48E-5  Project agreement.  (a)  Any
project agreement entered into by the county shall contain provisions
unconditionally obligating the project party to pay the county during the
period or term of the project agreement, exclusive of any renewal or extension
thereof and whether or not the pollution control project is used or occupied by
the project party, at such time or times and in such amount or amounts that
will be at least sufficient:



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



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



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



(4)  To pay the expenses incurred by the county in
administering the bonds or in carrying out the project agreement; provided that
moneys received by the county to pay such expenses shall not be, nor be deemed
to be, revenues derived under the project agreement which may be pledged as
security for special purpose revenue bonds and shall be paid into the county
fund from which such payments are made; and



(5)  To pay any and all of the cost, direct or
indirect, in the operation, maintenance, and repair of the pollution control
project.



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



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



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