[§342D-89]  Revenue bonds; payment andsecurity.  (a)  The revenue bonds shall be payable from and secured by therevenues derived from the benefits of the water pollution control loan programfor which the revenue bonds are issued, including:

(1)  Any repayment of eligible loans or otheragreements entered into for the water pollution control loan programs;

(2)  Revenues derived from insurance proceeds; and

(3)  Reserve accounts and earnings thereon.

(b)  The director may pledge any and allrevenues derived from the water pollution control loan program to the punctualpayment of the principal, interest, and redemption premiums, if any, on therevenue bonds.

(c)  The revenue bonds may be additionallysecured by the pledge or assignment of the loans and other agreements or anynote, other undertaking, or obligation held by the director or the departmentto secure the loans.

(d)  The director may issue such types of bondsas the director may determine, including bonds on which the principal andinterest are payable exclusively from the income and revenues of the waterpollution control loan program. [L 1997, c 221, pt of §1]