[§304A-2675]  Support facility for variablerate revenue bonds.  If revenue bonds issued pursuant to this subpart areissued bearing interest at a rate that varies from time to time or with a rightof holders to tender the revenue bonds for purchase, or both, the board maycontract for the support facility and remarketing arrangements as are requiredto market the revenue bonds to the greatest advantage of the board and theuniversity upon terms and conditions that the board deems necessary and proper.

The board may enter into contracts oragreements with the entity providing a support facility; provided that anycontract or agreement shall provide that any amount due and owing by the boardunder the contract or agreement on an annual basis shall be payable from therevenue of the university; provided further that any obligation issued orarising pursuant to the terms of the contract or agreement in the form ofrevenue bonds, notes, or other evidences of indebtedness shall only arise atsuch time as:

(1)  Moneys or securities have been irrevocably setaside for the full payment of a like principal amount of revenue bonds issuedpursuant to this subpart; or

(2)  A like principal amount of the issue or series ofrevenue bonds to which the support facility relates are held in escrow by theentity or entities providing the support facility. [L 2007, c 161, pt of §1]