§49-8  Support facility for variable rate
revenue bonds.  If revenue bonds issued pursuant to this chapter are issued
bearing interest at a rate or rates which vary from time to time and with a
right of holders to tender the revenue bonds for purchase, the governing body
may authorize the director of finance to contract for such support facility or
facilities and remarketing arrangements as are required to market the revenue
bonds to the greatest advantage of the county upon such terms and conditions as
deemed necessary and proper.  The director of finance may enter into contracts
or agreement 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 payable solely from the revenue of the undertaking or loan program and
any obligation issued or arising pursuant to the terms of the contract or
agreement in the form of bonds, notes, or other evidences of 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 revenue bonds issued
pursuant to this chapter; or



(2)  A like principal amount of the issue or series of
revenue 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 §3]