28J.20 LOANS FOR ACQUISITION OR CONSTRUCTION OF
FACILITY -- SALE OF FACILITY -- POWER TO ENCUMBER PROPERTY.
1. With respect to the financing of a facility for an authorized
purpose, under an agreement whereby the person to whom the facility
is to be leased, subleased, or sold, or to whom a loan is to be made
for the facility, is to make payments sufficient to pay all of the
principal of, premium, and interest on the port authority revenue
bonds issued for the facility, the port authority, in addition to
other powers under this chapter, may do any of the following:
a. Make loans for the acquisition or construction of the
facility to such person upon such terms as the port authority may
determine or authorize including secured or unsecured loans; and
enter into loan agreements and other agreements, accept notes and
other forms of obligation to evidence such indebtedness and
mortgages, liens, pledges, assignments, or other security interests
to secure such indebtedness, which may be prior or subordinate to or
on a parity with other indebtedness, obligations, mortgages, pledges,
assignments, other security interests, or liens or encumbrances, and
take actions considered appropriate to protect such security and
safeguard against losses, including, without limitation, foreclosure
and the bidding upon and purchase of property upon foreclosure or
other sale.
b. Sell the facility under terms as the port authority may
determine, including sale by conditional sale or installment sale,
under which title may pass prior to or after completion of the
facility or payment or provisions for payment of all principal of,
premium, and interest on the revenue bonds, or at any other time
provided in the agreement pertaining to the sale, and including sale
under an option to purchase at a price which may be a nominal amount
or less than true value at the time of purchase.
c. Grant a mortgage, lien, or other encumbrance on, or pledge
or assignment of, or other security interest with respect to, all or
any part of the facility, revenues, reserve funds, or other funds
established in connection with the bonds or with respect to a lease,
sublease, sale, conditional sale or installment sale agreement, loan
agreement, or other agreement pertaining to the lease, sublease,
sale, or other disposition of a facility or pertaining to a loan made
for a facility, or a guaranty or insurance agreement made with
respect thereto, or an interest of the port authority therein, or any
other interest granted, assigned, or released to secure payments of
the principal of, premium, or interest on the bonds or to secure any
other payments to be made by the port authority, which mortgage,
lien, encumbrance, pledge, assignment, or other security interest may
be prior or subordinate to or on a parity with any other mortgage,
assignment, or other security interest, or lien or encumbrance.
d. Contract for the acquisition or construction of the
facility or any part thereof and for the leasing, subleasing, sale,
or other disposition of the facility in a manner determined by the
port authority in its sole discretion, without necessity for
competitive bidding or performance bonds.
e. Make appropriate provision for adequate maintenance of the
facility.
2. With respect to a facility referred to in this section, the
authority granted by this section is cumulative and supplementary to
all other authority granted in this chapter. The authority granted
by this section does not alter or impair a similar authority granted
elsewhere in this chapter for or with respect to other facilities.
Section History: Recent Form
2005 Acts, ch 150, §108; 2006 Acts, ch 1010, §17
Referred to in § 28J.21
28J.20 LOANS FOR ACQUISITION OR CONSTRUCTION OF
FACILITY -- SALE OF FACILITY -- POWER TO ENCUMBER PROPERTY.
1. With respect to the financing of a facility for an authorized
purpose, under an agreement whereby the person to whom the facility
is to be leased, subleased, or sold, or to whom a loan is to be made
for the facility, is to make payments sufficient to pay all of the
principal of, premium, and interest on the port authority revenue
bonds issued for the facility, the port authority, in addition to
other powers under this chapter, may do any of the following:
a. Make loans for the acquisition or construction of the
facility to such person upon such terms as the port authority may
determine or authorize including secured or unsecured loans; and
enter into loan agreements and other agreements, accept notes and
other forms of obligation to evidence such indebtedness and
mortgages, liens, pledges, assignments, or other security interests
to secure such indebtedness, which may be prior or subordinate to or
on a parity with other indebtedness, obligations, mortgages, pledges,
assignments, other security interests, or liens or encumbrances, and
take actions considered appropriate to protect such security and
safeguard against losses, including, without limitation, foreclosure
and the bidding upon and purchase of property upon foreclosure or
other sale.
b. Sell the facility under terms as the port authority may
determine, including sale by conditional sale or installment sale,
under which title may pass prior to or after completion of the
facility or payment or provisions for payment of all principal of,
premium, and interest on the revenue bonds, or at any other time
provided in the agreement pertaining to the sale, and including sale
under an option to purchase at a price which may be a nominal amount
or less than true value at the time of purchase.
c. Grant a mortgage, lien, or other encumbrance on, or pledge
or assignment of, or other security interest with respect to, all or
any part of the facility, revenues, reserve funds, or other funds
established in connection with the bonds or with respect to a lease,
sublease, sale, conditional sale or installment sale agreement, loan
agreement, or other agreement pertaining to the lease, sublease,
sale, or other disposition of a facility or pertaining to a loan made
for a facility, or a guaranty or insurance agreement made with
respect thereto, or an interest of the port authority therein, or any
other interest granted, assigned, or released to secure payments of
the principal of, premium, or interest on the bonds or to secure any
other payments to be made by the port authority, which mortgage,
lien, encumbrance, pledge, assignment, or other security interest may
be prior or subordinate to or on a parity with any other mortgage,
assignment, or other security interest, or lien or encumbrance.
d. Contract for the acquisition or construction of the
facility or any part thereof and for the leasing, subleasing, sale,
or other disposition of the facility in a manner determined by the
port authority in its sole discretion, without necessity for
competitive bidding or performance bonds.
e. Make appropriate provision for adequate maintenance of the
facility.
2. With respect to a facility referred to in this section, the
authority granted by this section is cumulative and supplementary to
all other authority granted in this chapter. The authority granted
by this section does not alter or impair a similar authority granted
elsewhere in this chapter for or with respect to other facilities.
Section History: Recent Form
2005 Acts, ch 150, §108; 2006 Acts, ch 1010, §17
Referred to in § 28J.21
28J.20 LOANS FOR ACQUISITION OR CONSTRUCTION OF
FACILITY -- SALE OF FACILITY -- POWER TO ENCUMBER PROPERTY.
1. With respect to the financing of a facility for an authorized
purpose, under an agreement whereby the person to whom the facility
is to be leased, subleased, or sold, or to whom a loan is to be made
for the facility, is to make payments sufficient to pay all of the
principal of, premium, and interest on the port authority revenue
bonds issued for the facility, the port authority, in addition to
other powers under this chapter, may do any of the following:
a. Make loans for the acquisition or construction of the
facility to such person upon such terms as the port authority may
determine or authorize including secured or unsecured loans; and
enter into loan agreements and other agreements, accept notes and
other forms of obligation to evidence such indebtedness and
mortgages, liens, pledges, assignments, or other security interests
to secure such indebtedness, which may be prior or subordinate to or
on a parity with other indebtedness, obligations, mortgages, pledges,
assignments, other security interests, or liens or encumbrances, and
take actions considered appropriate to protect such security and
safeguard against losses, including, without limitation, foreclosure
and the bidding upon and purchase of property upon foreclosure or
other sale.
b. Sell the facility under terms as the port authority may
determine, including sale by conditional sale or installment sale,
under which title may pass prior to or after completion of the
facility or payment or provisions for payment of all principal of,
premium, and interest on the revenue bonds, or at any other time
provided in the agreement pertaining to the sale, and including sale
under an option to purchase at a price which may be a nominal amount
or less than true value at the time of purchase.
c. Grant a mortgage, lien, or other encumbrance on, or pledge
or assignment of, or other security interest with respect to, all or
any part of the facility, revenues, reserve funds, or other funds
established in connection with the bonds or with respect to a lease,
sublease, sale, conditional sale or installment sale agreement, loan
agreement, or other agreement pertaining to the lease, sublease,
sale, or other disposition of a facility or pertaining to a loan made
for a facility, or a guaranty or insurance agreement made with
respect thereto, or an interest of the port authority therein, or any
other interest granted, assigned, or released to secure payments of
the principal of, premium, or interest on the bonds or to secure any
other payments to be made by the port authority, which mortgage,
lien, encumbrance, pledge, assignment, or other security interest may
be prior or subordinate to or on a parity with any other mortgage,
assignment, or other security interest, or lien or encumbrance.
d. Contract for the acquisition or construction of the
facility or any part thereof and for the leasing, subleasing, sale,
or other disposition of the facility in a manner determined by the
port authority in its sole discretion, without necessity for
competitive bidding or performance bonds.
e. Make appropriate provision for adequate maintenance of the
facility.
2. With respect to a facility referred to in this section, the
authority granted by this section is cumulative and supplementary to
all other authority granted in this chapter. The authority granted
by this section does not alter or impair a similar authority granted
elsewhere in this chapter for or with respect to other facilities.
Section History: Recent Form
2005 Acts, ch 150, §108; 2006 Acts, ch 1010, §17
Referred to in § 28J.21
