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

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

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

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

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

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

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

The covenants and provisions shall not berequired to be included in the resolution or certificate authorizing theissuance of the revenue bonds if included in the trust indenture or trustagreement.  Any resolution or certificate, trust indenture, or trust agreementadopted, issued, or entered into by the development corporation pursuant tothis part may also contain any provisions required for the qualificationthereof under the U.S. Trust Indenture Act of 1939. The development corporationmay pledge and assign to the trustee the special facility lease and the rightsof the development corporation including the revenues thereunder;

(7)  If the development corporation, with the approvalof the director of finance, shall have appointed or shall appoint a trustee forthe holders of the revenue bonds, then notwithstanding the provisions ofsection 39-68, the director of finance may elect not to serve as fiscal agentfor the payment of the principal and interest, and for the purchase,registration, transfer, exchange, and redemption of the revenue bonds, or mayelect to limit the functions the director of finance shall perform as thefiscal agent.  The development corporation, with the approval of the directorof finance, may appoint the trustee to serve as the fiscal agent, and mayauthorize and empower the trustee to perform the functions with respect topayment, purchase, registration, transfer, exchange, and redemption, that thedevelopment corporation may deem necessary, advisable, or expedient, including,without limitation, the holding of the revenue bonds and coupons, if any, thathave been paid and the supervising and conducting of the destruction thereof inaccordance with sections 40-10 and 40-11.  Nothing in this paragraph shall be alimitation upon or construed as a limitation upon the powers granted inparagraph (6) to the development corporation with the approval of the directorof finance to appoint the trustee, or granted in sections 36-3, 39-13, and39-68 to the director of finance to appoint the trustee or others, as fiscalagents, paying agents, and registrars for the revenue bonds or to authorize andempower the fiscal agents, paying agents, and registrars to perform thefunctions referred to in paragraph (6) and sections 36-3, 39-13, and 39-68, itbeing the intent of this paragraph to confirm that the director of finance mayelect not to serve as fiscal agent for the revenue bonds or may elect to limitthe functions the director of finance shall perform as the fiscal agent, thatthe director of finance may deem necessary, advisable, or expedient;

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

(9)  If no trustee is appointed to collect, hold, andadminister the revenues derived from the special facility for which the revenuebonds are issued, the revenues shall be held in a separate account in thetreasury of the State, separate and apart from the high technology specialfund, 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 bevalid or obligatory for any purpose unless certified or authenticated by thetrustee for the holders of the revenue bonds, the signatures of the officers ofthe State upon the bonds required by section 39-56 may be facsimiles of theirsignatures;

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

(12)  If the special facility lease requires the otherparty to operate, maintain, and repair the special facility that is the subjectof the lease, at the other party's expense, the requirement shall constitutecompliance by the development corporation with section 39-61(a)(2), and none ofthe revenues derived by the development corporation from the special facilityshall be required to be applied to the purposes of section 39-62(2). Sections39-62(4), 39-62(5), and 39-62(6) shall not apply to the revenues derived from aspecial facility lease. [L 2000, c 72, pt of §1]