[PART
III.]  FINANCING PROGRAMS



 



A.  General
Provisions



 



[§201H-71]  Bonds; authorization.  (a) 
The corporation, with the approval of the governor, may issue from time to time
bonds (including refunding bonds to pay, retire, or provide for the retirement
of bonds previously issued by the corporation) in amounts not exceeding the
total amount of bonds authorized to be issued by the legislature for any of its
corporate purposes.  Bonds may also be issued in connection with any program
whose primary purpose is to provide housing for active or retired United States
military personnel, their families, and other persons authorized by any branch
of the United States military to reside in the housing; provided that the
aggregate principal amount of all outstanding bonds issued by the corporation
for military housing projects shall total no more than $2,000,000,000.



(b)  All bonds shall be issued pursuant to part
III of chapter 39, except as provided in this part.



(c)  The bonds shall be issued in the name of
the corporation, and not in the name of the State.  The final maturity date of
the revenue bonds may be any date not exceeding sixty years from the date of
issuance.



(d)  The corporation may issue such types of
bonds as it may determine, including without limitation bonds payable from and
secured, in whole or in part, by:



(1)  Income and revenues derived from the housing
project or projects financed from the proceeds of bonds;



(2)  Receipts derived from any grant from the federal
government made in aid of a housing project or projects financed from the
proceeds of bonds;



(3)  Income and revenues derived from a particular
designated housing project or projects whether or not financed, in whole or in
part, from the proceeds of bonds;



(4)  Receipts derived from any payment for
"eligible loans", "eligible improvement loans", or
"eligible project loans", as the terms are defined in subpart B,
or any other agreement or agreements entered into for a "housing loan
program", as the term is defined in subpart B or D, or any other loan
program administered by the corporation and financed from the proceeds of
bonds;



(5)  Receipts derived from loans to mortgage lenders
or from the payment on account of principal of or interest on loans purchased
from mortgage lenders, as provided in subpart B which loans to mortgage lenders
or loans purchased are financed from the proceeds of bonds;



(6)  Moneys in any funds or accounts established in
connection with the issuance of bonds, and any earnings thereon;



(7)  Proceeds derived from any insurance;



(8)  Income and revenues of the corporation generally;
or



(9)  Any combination of paragraphs (1) through (8).



The term "income and revenues" includes
income and revenues derived from the sale of land or from both land and
improvements thereon serviced from infrastructure financed from the proceeds of
bonds as permitted by this subpart.  The provisions of this subsection are in
addition and supplemental to part III of chapter 39.



(e)  Any of the bonds may be additionally
secured by a pledge of any revenues or a mortgage of any housing project, other
property of the corporation, the pledge or assignment of any loans or other
agreements, or any note or other undertaking, obligation, or property held by
or on behalf of the corporation to secure loans made from the proceeds of bonds
for any "housing loan program", as the term is defined in subpart B
or D, or any other loan program administered by the corporation and financed
from the proceeds of bonds.



(f)  Any pledge made by the corporation shall create
a perfected security interest in the revenues, moneys, or property so pledged
and thereafter received by the corporation from and after the time that a
financing statement with respect to the revenues, moneys, or property so
pledged and thereafter received shall be filed with the bureau of conveyances. 
Upon the filing, the revenues, moneys, or property so pledged and thereafter
received by the corporation shall immediately be subject to the lien of the
pledge without any physical delivery thereof or further act, and the lien of
any such pledge shall be prior to the lien of all parties having claims of any
kind in tort, contract, or otherwise against the corporation, irrespective of
whether the parties have notice thereof.  This section shall apply to any
financing statement heretofore or hereafter filed with the bureau of
conveyances with respect to any pledge made to secure revenue bonds issued
under this part.



(g)  Any housing project or projects authorized
by, and undertaken pursuant to, this chapter shall constitute an
"undertaking" within the meaning of that term as defined and used in
part III, chapter 39.  Any loan program authorized by, and undertaken pursuant
to, this chapter, including without limitation "housing loan programs"
defined in and authorized by subparts B and D, shall constitute a "loan
program" within the meaning of that term as defined and used in part III,
chapter 39.  The corporation shall constitute a "department" and the
board shall constitute a "governing body" within the meaning of those
terms as defined and used in part III, chapter 39.



(h)  Neither the members of the board nor any
person executing the bonds shall be liable personally on the bonds by reason of
the issuance thereof. [L 2006, c 180, pt of §4]