[§304A-2674]  Revenue bonds; details, sale,legal investment.  (a)  Revenue bonds:

(1)  Shall be issued in the name of the board;

(2)  May bear interest at a rate payable at such timeor times;

(3)  May be issued in one or more series;

(4)  May be in a denomination or denominations;

(5)  May bear a date or dates;

(6)  May mature at such time not exceeding fifty yearsfrom their respective dates;

(7)  May be payable in a medium of payment and at aplace within or without the State;

(8)  May carry registration privileges;

(9)  May be subject to terms and conditions ofredemption or to tenders for purchase or to purchase prior to the statedmaturity, at the option of the board or the holder;

(10)  May contain terms, covenants, and conditions; and

(11)  May be in any form and printed in any manner,including typewritten;

as the resolution authorizing the issuance of therevenue bonds may provide.

(b)  The board may acquire policies ofinsurance and enter into banking arrangements upon any terms and conditions thatthe board deems appropriate, at the time of delivery of an issue of revenuebonds or at a later date that the board deems in the best interest of theuniversity, including but not limited to contracting for a support facilityunder section 304A-2675, and contracting for interest rate swaps, swapations,interest rate floors, and other similar contracts to hedge or reduce the amountor duration of payment, rate, spread, or similar risk or to reduce the cost ofborrowing when used in conjunction with revenue bonds issued pursuant to this subpart.

(c)  The board may make appropriatearrangements for the sale of each issue of revenue bonds or part thereof as areissued pursuant to this subpart, including but not limited to  arranging forthe preparation and printing of the revenue bonds, the official statement, andany other documents or instruments deemed required for the issuance and sale ofrevenue bonds and retaining financial, accounting, and legal consultants, allupon terms and conditions as the board deems advisable and in the best interestof the State and the university.  The board may offer the revenue bonds atcompetitive sale or may negotiate the sale of the revenue bonds to any personor group of persons, to the United States of America, or any board, agency,instrumentality, or corporation thereof, to the employees’ retirement system ofthe State, to any political subdivision of the State, or to any board, agency,instrumentality, public corporation, or other governmental organization of theState or of any political subdivision of the State.

The sale of the revenue bonds by the board bynegotiation shall be at the price and upon the terms and conditions, and therevenue bonds shall bear interest at the rate or varying rates determined fromtime to time in the manner, as approved by the board.

The sale of the revenue bonds by the board atcompetitive sale shall be at the price and upon terms and conditions, and therevenue bonds shall bear interest at the rate or rates or varying ratesdetermined from time to time in the manner as specified by the successfulbidder.  The revenue bonds shall be sold in the manner provided in section39-55.

(d)  The board may delegate the responsibilityfor the sale and the fixing of the terms and details of revenue bonds and suchother determinations or actions, as may be provided by resolution of the board,to the chairman, the president, or another designated officer.

(e)  The purpose of this subsection is toauthorize any person, firm, corporation, association, political subdivision,body, or officer, public or private, to use any funds owned or controlled bythem, including sinking, insurance, investment, retirement, compensation,pension, trust funds, and funds held on deposit, for the purchase of any revenuebonds issued under this subpart.  All public officers and bodies of the State,all political subdivisions, all insurance companies and associations, allbanks, savings banks, and savings institutions, including building or savingsand loan associations, all credit unions, all trust companies, all personalrepresentatives, guardians, trustees, and all other persons and fiduciaries inthe State who are regulated by law as to the character of their investment, maylegally invest funds within their control and available for investment inrevenue bonds issued under this subpart. [L 2007, c 161, pt of §1]