[PARTIII.]  FINANCING PROGRAMS

 

A.  GeneralProvisions

 

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

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

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

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

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

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

(3)  Income and revenues derived from a particulardesignated housing project or projects whether or not financed, in whole or inpart, 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 loanprogram", as the term is defined in subpart B or D, or any other loanprogram administered by the corporation and financed from the proceeds ofbonds;

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

(6)  Moneys in any funds or accounts established inconnection 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" includesincome and revenues derived from the sale of land or from both land andimprovements thereon serviced from infrastructure financed from the proceeds ofbonds as permitted by this subpart.  The provisions of this subsection are inaddition and supplemental to part III of chapter 39.

(e)  Any of the bonds may be additionallysecured by a pledge of any revenues or a mortgage of any housing project, otherproperty of the corporation, the pledge or assignment of any loans or otheragreements, or any note or other undertaking, obligation, or property held byor on behalf of the corporation to secure loans made from the proceeds of bondsfor any "housing loan program", as the term is defined in subpart Bor D, or any other loan program administered by the corporation and financedfrom the proceeds of bonds.

(f)  Any pledge made by the corporation shall createa perfected security interest in the revenues, moneys, or property so pledgedand thereafter received by the corporation from and after the time that afinancing statement with respect to the revenues, moneys, or property sopledged and thereafter received shall be filed with the bureau of conveyances. Upon the filing, the revenues, moneys, or property so pledged and thereafterreceived by the corporation shall immediately be subject to the lien of thepledge without any physical delivery thereof or further act, and the lien ofany such pledge shall be prior to the lien of all parties having claims of anykind in tort, contract, or otherwise against the corporation, irrespective ofwhether the parties have notice thereof.  This section shall apply to anyfinancing statement heretofore or hereafter filed with the bureau ofconveyances with respect to any pledge made to secure revenue bonds issuedunder this part.

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

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