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



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



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



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