§49-8  Support facility for variable raterevenue bonds.  If revenue bonds issued pursuant to this chapter are issuedbearing interest at a rate or rates which vary from time to time and with aright of holders to tender the revenue bonds for purchase, the governing bodymay authorize the director of finance to contract for such support facility orfacilities and remarketing arrangements as are required to market the revenuebonds to the greatest advantage of the county upon such terms and conditions asdeemed necessary and proper.  The director of finance may enter into contractsor agreement with the entity or entities providing a support facility; providedthat any contract or agreement shall provide, in essence, that any amount dueand owing by the county under the contract or agreement on an annual basisshall be payable solely from the revenue of the undertaking or loan program andany obligation issued or arising pursuant to the terms of the contract oragreement in the form of bonds, notes, or other evidences of indebtedness shallonly arise at such time as either:

(1)  Moneys or securities have been irrevocably setaside for the full payment of a like principal amount of revenue bonds issuedpursuant to this chapter; or

(2)  A like principal amount of the issue or series ofrevenue bonds to which the support facility relates are held in escrow by theentity or entities providing the support facility. [L 1989, c 80, pt of §3]