§167-7  Issuance of revenue bonds.  (a) 
The board of agriculture shall have the power to issue revenue bonds in the
name of the department in amounts as may be authorized by the legislature.  All
revenue bonds shall be issued pursuant to part III of chapter 39, except as
provided in this chapter, to finance in whole or in part, the cost of
construction, acquisition, or maintenance of any water facility or irrigation
project hereunder, and, in connection therewith, to pledge or assign for the
punctual payment of the revenue bonds, and interest thereon, any and all
revenues derived from any project or projects undertaken by the board, in an
amount sufficient to pay the principal and interest of the revenue bonds as
they become due, and to create and maintain reasonable reserves or sinking
funds therefor.  Funds of the board, not otherwise required, may be advanced to
pay necessary expenses incurred in making preparation for the issuance of
revenue bonds under this chapter, and to take any other action necessary or
proper in connection therewith.



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



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