[§266-54]  Special facility lease.  (a) In addition to the conditions and terms set forth in this part, any specialfacility lease entered into by the department shall contain provisionsobligating the other person to the special facility lease:

(1)  To pay to the department during the term of thespecial facility lease, whether the special facility is capable of being usedor occupied or is being used or occupied by the other person, a rental orrentals at such time or times and in such amount or amounts as will besufficient:  to pay the principal and interest on all special facility revenuebonds issued for the special facility, to establish or maintain any reservesfor such payments, and to pay all fees and expenses of the trustees, payingagents, transfer agents, and other fiscal agents for the special facilityrevenue bonds issued for the special facility.

(2)  To pay to the department a ground rental equal tothe fair market rental of the land, if the special facility is situated on landowned by the department.

(3)  To either operate, maintain, and repair thespecial facility and pay the costs thereof or to pay to the department allcosts of operation, maintenance, and repair of the special facility.

(b)  Any moneys derived by the departmentpursuant to subsection (a)(1) shall be deemed revenues of the specialfacility.  Any moneys received by the department pursuant to subsection (a)(2)and (3) shall be paid into the harbor special fund and shall not be nor bedeemed to be revenues of the special facility.

(c)  The term and all renewals and extensionsof the term of any special facility lease (including any amendments orsupplements thereto) shall not extend beyond the reasonable life of the specialfacility which is the subject of such special facility lease, as estimated bythe department at the time of the entering into thereof, or thirty-five years,whichever is less.

(d)  Any special facility lease entered into bythe department shall be subject to chapter 171 and shall contain such otherterms and conditions as the department deems advisable to effectuate thepurposes of this part. [L 1980, c 126, pt of §2]