Board may issue and sell revenue bonds to establish and maintainan interest and sinking fund--request for appropriation authorized.
8.663. 1. For the purpose of providing funds for the acquisition,construction, erection, renovation, improving, equipment, and furnishing ofany such project, and for providing a site therefor, as herein provided,the board may issue and sell revenue bonds, as herein defined, in an amountnot to exceed the estimated cost of the project, including costsnecessarily incidental thereto. At the time of the issuance of the bonds,the board shall pledge the net income and revenues of the project to thepayment of the bonds, both principal and interest, and, when applicable,shall covenant to fix, maintain and collect the reasonable rates andcharges for the use of the project that in the judgment of the board willprovide net income and revenues sufficient to pay the reasonable cost ofoperating and maintaining the project; to provide and maintain an interestand sinking fund in an amount adequate promptly to pay the principal of andinterest on such bonds; to provide any required reserve fund; and toprovide any required fund for depreciation. In addition to pledging suchnet income and revenues as herein provided, the board, in its discretion,may pledge to the payment of such bonds, both principal and interest, theproceeds of any grant in aid of such project which may be received from anysource.
2. In case of energy retrofitting projects, bond sale proceeds shallbe provided for the purpose of retrofitting existing state facilities. Theboard shall pledge the income received and interest charged therefor to thepayments of the bonds as prescribed in subsection 1 of this section.
3. The board may covenant to request annual appropriations in anamount sufficient to pay the principal, interest, and any necessary reservefunds for any bonds issued by the board.
Board may issue and sell revenue bonds to establish and maintainan interest and sinking fund--request for appropriation authorized.
8.663. 1. For the purpose of providing funds for the acquisition,construction, erection, renovation, improving, equipment, and furnishing ofany such project, and for providing a site therefor, as herein provided,the board may issue and sell revenue bonds, as herein defined, in an amountnot to exceed the estimated cost of the project, including costsnecessarily incidental thereto. At the time of the issuance of the bonds,the board shall pledge the net income and revenues of the project to thepayment of the bonds, both principal and interest, and, when applicable,shall covenant to fix, maintain and collect the reasonable rates andcharges for the use of the project that in the judgment of the board willprovide net income and revenues sufficient to pay the reasonable cost ofoperating and maintaining the project; to provide and maintain an interestand sinking fund in an amount adequate promptly to pay the principal of andinterest on such bonds; to provide any required reserve fund; and toprovide any required fund for depreciation. In addition to pledging suchnet income and revenues as herein provided, the board, in its discretion,may pledge to the payment of such bonds, both principal and interest, theproceeds of any grant in aid of such project which may be received from anysource.
2. In case of energy retrofitting projects, bond sale proceeds shallbe provided for the purpose of retrofitting existing state facilities. Theboard shall pledge the income received and interest charged therefor to thepayments of the bonds as prescribed in subsection 1 of this section.
3. The board may covenant to request annual appropriations in anamount sufficient to pay the principal, interest, and any necessary reservefunds for any bonds issued by the board.
Board may issue and sell revenue bonds to establish and maintainan interest and sinking fund--request for appropriation authorized.
8.663. 1. For the purpose of providing funds for the acquisition,construction, erection, renovation, improving, equipment, and furnishing ofany such project, and for providing a site therefor, as herein provided,the board may issue and sell revenue bonds, as herein defined, in an amountnot to exceed the estimated cost of the project, including costsnecessarily incidental thereto. At the time of the issuance of the bonds,the board shall pledge the net income and revenues of the project to thepayment of the bonds, both principal and interest, and, when applicable,shall covenant to fix, maintain and collect the reasonable rates andcharges for the use of the project that in the judgment of the board willprovide net income and revenues sufficient to pay the reasonable cost ofoperating and maintaining the project; to provide and maintain an interestand sinking fund in an amount adequate promptly to pay the principal of andinterest on such bonds; to provide any required reserve fund; and toprovide any required fund for depreciation. In addition to pledging suchnet income and revenues as herein provided, the board, in its discretion,may pledge to the payment of such bonds, both principal and interest, theproceeds of any grant in aid of such project which may be received from anysource.
2. In case of energy retrofitting projects, bond sale proceeds shallbe provided for the purpose of retrofitting existing state facilities. Theboard shall pledge the income received and interest charged therefor to thepayments of the bonds as prescribed in subsection 1 of this section.
3. The board may covenant to request annual appropriations in anamount sufficient to pay the principal, interest, and any necessary reservefunds for any bonds issued by the board.
