§167-7  Issuance of revenue bonds.  (a) The board of agriculture shall have the power to issue revenue bonds in thename of the department in amounts as may be authorized by the legislature.  Allrevenue bonds shall be issued pursuant to part III of chapter 39, except asprovided in this chapter, to finance in whole or in part, the cost ofconstruction, acquisition, or maintenance of any water facility or irrigationproject hereunder, and, in connection therewith, to pledge or assign for thepunctual payment of the revenue bonds, and interest thereon, any and allrevenues derived from any project or projects undertaken by the board, in anamount sufficient to pay the principal and interest of the revenue bonds asthey become due, and to create and maintain reasonable reserves or sinkingfunds therefor.  Funds of the board, not otherwise required, may be advanced topay necessary expenses incurred in making preparation for the issuance ofrevenue bonds under this chapter, and to take any other action necessary orproper in connection therewith.

(b)  All revenue bonds issued pursuant to thischapter shall be issued in the name of the department and not in the name ofthe State.

(c)  The board, with the approval of thegovernor, may designate by resolution all or any portion of an irrigationproject or projects undertaken pursuant to this chapter; provided that for thepurposes of this section, "undertaking" shall have the same meaningas used in part III of chapter 39. [L 1987, c 306, pt of §1; am L 1995, c 139,§2]