[§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 time
or 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 years
from their respective dates;



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



(8)  May carry registration privileges;



(9)  May be subject to terms and conditions of
redemption or to tenders for purchase or to purchase prior to the stated
maturity, 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 the
revenue bonds may provide.



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



(c)  The board may make appropriate
arrangements for the sale of each issue of revenue bonds or part thereof as are
issued pursuant to this subpart, including but not limited to  arranging for
the preparation and printing of the revenue bonds, the official statement, and
any other documents or instruments deemed required for the issuance and sale of
revenue bonds and retaining financial, accounting, and legal consultants, all
upon terms and conditions as the board deems advisable and in the best interest
of the State and the university.  The board may offer the revenue bonds at
competitive sale or may negotiate the sale of the revenue bonds to any person
or group of persons, to the United States of America, or any board, agency,
instrumentality, or corporation thereof, to the employees’ retirement system of
the State, to any political subdivision of the State, or to any board, agency,
instrumentality, public corporation, or other governmental organization of the
State or of any political subdivision of the State.



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



The sale of the revenue bonds by the board at
competitive sale shall be at the price and upon terms and conditions, and the
revenue bonds shall bear interest at the rate or rates or varying rates
determined from time to time in the manner as specified by the successful
bidder.  The revenue bonds shall be sold in the manner provided in section
39-55.



(d)  The board may delegate the responsibility
for the sale and the fixing of the terms and details of revenue bonds and such
other 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 to
authorize any person, firm, corporation, association, political subdivision,
body, or officer, public or private, to use any funds owned or controlled by
them, including sinking, insurance, investment, retirement, compensation,
pension, trust funds, and funds held on deposit, for the purchase of any revenue
bonds issued under this subpart.  All public officers and bodies of the State,
all political subdivisions, all insurance companies and associations, all
banks, savings banks, and savings institutions, including building or savings
and loan associations, all credit unions, all trust companies, all personal
representatives, guardians, trustees, and all other persons and fiduciaries in
the State who are regulated by law as to the character of their investment, may
legally invest funds within their control and available for investment in
revenue bonds issued under this subpart. [L 2007, c 161, pt of §1]