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



(1)  Any repayment of eligible loans or other
agreements 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 all
revenues derived from the water pollution control loan program to the punctual
payment of the principal, interest, and redemption premiums, if any, on the
revenue bonds.



(c)  The revenue bonds may be additionally
secured by the pledge or assignment of the loans and other agreements or any
note, other undertaking, or obligation held by the director or the department
to secure the loans.



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