[§206M-45]  Special facility revenue bonds. 
All special facility revenue bonds authorized to be issued under this part
shall be issued pursuant to part III of chapter 39, except as follows:



(1)  No revenue bonds shall be issued unless at the
time of issuance, the development corporation has entered into a special
facility lease with respect to the special facility for which the revenue bonds
are to be issued;



(2)  The revenue bonds shall be issued in the name of
the development corporation and not in the name of the State;



(3)  No further authorization of the legislature shall
be required for the issuance of the special facility revenue bonds, but the
approval of the governor shall be required for the issuance;



(4)  The revenue bonds shall be payable solely from
and secured solely by the revenues derived by the development corporation from
the special facility for which they are issued;



(5)  The final maturity date of the revenue bonds
shall not be later than either the estimated life of the special facility for
which the revenue bonds are issued or the expiration of the initial term of the
special facility lease;



(6)  If deemed necessary or advisable by the
development corporation, or to permit the obligations of the other party to the
special facility lease to be registered under the U.S. Securities Act of 1933,
the development corporation, with the approval of the director of finance, may
appoint a national or state bank within or without the State to serve as
trustee for the holders of the revenue bonds and may enter into a trust
indenture or trust agreement with the trustee.  The trustee may be authorized
by the development corporation to collect, hold, and administer the revenues
derived from the special facility for which the revenue bonds are issued and to
apply the revenues to the payment of the principal and interest on the revenue
bonds.  In the event that any trustee shall be appointed, any trust indenture
or trust agreement entered into by the development corporation with the trustee
may contain the covenants and provisions authorized by part III of chapter 39
to be inserted in a resolution adopted or certificate issued, as though the
words "resolution" or "certificate" as used in that part
read "trust indenture or trust agreement".



The covenants and provisions shall not be
required to be included in the resolution or certificate authorizing the
issuance of the revenue bonds if included in the trust indenture or trust
agreement.  Any resolution or certificate, trust indenture, or trust agreement
adopted, issued, or entered into by the development corporation pursuant to
this part may also contain any provisions required for the qualification
thereof under the U.S. Trust Indenture Act of 1939. The development corporation
may pledge and assign to the trustee the special facility lease and the rights
of the development corporation including the revenues thereunder;



(7)  If the development corporation, with the approval
of the director of finance, shall have appointed or shall appoint a trustee for
the holders of the revenue bonds, then notwithstanding the provisions of
section 39-68, the director of finance may elect not to serve as fiscal agent
for the payment of the principal and interest, and for the purchase,
registration, transfer, exchange, and redemption of the revenue bonds, or may
elect to limit the functions the director of finance shall perform as the
fiscal agent.  The development corporation, with the approval of the director
of finance, may appoint the trustee to serve as the fiscal agent, and may
authorize and empower the trustee to perform the functions with respect to
payment, purchase, registration, transfer, exchange, and redemption, that the
development corporation may deem necessary, advisable, or expedient, including,
without limitation, the holding of the revenue bonds and coupons, if any, that
have been paid and the supervising and conducting of the destruction thereof in
accordance with sections 40-10 and 40-11.  Nothing in this paragraph shall be a
limitation upon or construed as a limitation upon the powers granted in
paragraph (6) to the development corporation with the approval of the director
of finance to appoint the trustee, or granted in sections 36-3, 39-13, and
39-68 to the director of finance to appoint the trustee or others, as fiscal
agents, paying agents, and registrars for the revenue bonds or to authorize and
empower the fiscal agents, paying agents, and registrars to perform the
functions referred to in paragraph (6) and sections 36-3, 39-13, and 39-68, it
being the intent of this paragraph to confirm that the director of finance may
elect not to serve as fiscal agent for the revenue bonds or may elect to limit
the functions the director of finance shall perform as the fiscal agent, that
the director of finance may deem necessary, advisable, or expedient;



(8)  The development corporation may sell the revenue
bonds either at public or private sale;



(9)  If no trustee is appointed to collect, hold, and
administer the revenues derived from the special facility for which the revenue
bonds are issued, the revenues shall be held in a separate account in the
treasury of the State, separate and apart from the high technology special
fund, to be applied solely to the carrying out of the resolution, certificate,
trust indenture, or trust agreement authorizing or securing the revenue bonds;



(10)  If the resolution, certificate, trust indenture,
or trust agreement provides that no revenue bonds issued thereunder shall be
valid or obligatory for any purpose unless certified or authenticated by the
trustee for the holders of the revenue bonds, the signatures of the officers of
the State upon the bonds required by section 39-56 may be facsimiles of their
signatures;



(11)  Proceeds of the revenue bonds may be used and
applied by the development corporation to reimburse the other party to the
special facility lease for all preliminary costs and expenses, including
architectural and legal costs; and



(12)  If the special facility lease requires the other
party to operate, maintain, and repair the special facility that is the subject
of the lease, at the other party's expense, the requirement shall constitute
compliance by the development corporation with section 39-61(a)(2), and none of
the revenues derived by the development corporation from the special facility
shall be required to be applied to the purposes of section 39-62(2). Sections
39-62(4), 39-62(5), and 39-62(6) shall not apply to the revenues derived from a
special facility lease. [L 2000, c 72, pt of §1]