In fixing the details ofrefunding obligations, the State Treasurer may provide that any of therefunding obligations:
(1) May be made payablefrom time to time on demand or tender for purchase by the owner thereofprovided a credit facility supports such refunding obligations, unless theState Treasurer specifically determines that a credit facility is not requiredupon a finding and determination by the State Treasurer that the absence of acredit facility will not materially and adversely affect the financial positionof the State and the marketing of the refunding obligations at a reasonableinterest cost to the State;
(2) May be additionallysupported by a credit facility;
(3) May be made subject toredemption prior to maturity with such variations as may be permitted inconnection with a par formula;
(4) May bear interest ata rate or rates that may vary as permitted pursuant to a par formula and forsuch period or periods of time, all as may be provided in the proceedingsproviding for the issuance of such refunding obligations; and
(5) May be made thesubject of a remarketing agreement whereby an attempt is made to remarket therefunding obligations to new purchasers prior to their presentment for paymentto the provider of the credit facility or to the State.
If the aggregate principalamount repayable by the State under an agreement is in excess of the aggregateprincipal amount of refunding obligations secured by the related creditfacility, whether as a result of the inclusion in the credit facility of aprovision for the payment of interest for a limited period of time or thepayment of a redemption premium or for any other reason, then the amount ofauthorized but unissued refunding obligations during the term of such agreementshall not be less than the amount of such excess, unless the payment of suchexcess is otherwise provided for by agreement of the State executed by theState Treasurer. (1935, c. 445, s. 7; 1985 (Reg. Sess., 1986), c. 823,s. 1.)
In fixing the details ofrefunding obligations, the State Treasurer may provide that any of therefunding obligations:
(1) May be made payablefrom time to time on demand or tender for purchase by the owner thereofprovided a credit facility supports such refunding obligations, unless theState Treasurer specifically determines that a credit facility is not requiredupon a finding and determination by the State Treasurer that the absence of acredit facility will not materially and adversely affect the financial positionof the State and the marketing of the refunding obligations at a reasonableinterest cost to the State;
(2) May be additionallysupported by a credit facility;
(3) May be made subject toredemption prior to maturity with such variations as may be permitted inconnection with a par formula;
(4) May bear interest ata rate or rates that may vary as permitted pursuant to a par formula and forsuch period or periods of time, all as may be provided in the proceedingsproviding for the issuance of such refunding obligations; and
(5) May be made thesubject of a remarketing agreement whereby an attempt is made to remarket therefunding obligations to new purchasers prior to their presentment for paymentto the provider of the credit facility or to the State.
If the aggregate principalamount repayable by the State under an agreement is in excess of the aggregateprincipal amount of refunding obligations secured by the related creditfacility, whether as a result of the inclusion in the credit facility of aprovision for the payment of interest for a limited period of time or thepayment of a redemption premium or for any other reason, then the amount ofauthorized but unissued refunding obligations during the term of such agreementshall not be less than the amount of such excess, unless the payment of suchexcess is otherwise provided for by agreement of the State executed by theState Treasurer. (1935, c. 445, s. 7; 1985 (Reg. Sess., 1986), c. 823,s. 1.)
In fixing the details ofrefunding obligations, the State Treasurer may provide that any of therefunding obligations:
(1) May be made payablefrom time to time on demand or tender for purchase by the owner thereofprovided a credit facility supports such refunding obligations, unless theState Treasurer specifically determines that a credit facility is not requiredupon a finding and determination by the State Treasurer that the absence of acredit facility will not materially and adversely affect the financial positionof the State and the marketing of the refunding obligations at a reasonableinterest cost to the State;
(2) May be additionallysupported by a credit facility;
(3) May be made subject toredemption prior to maturity with such variations as may be permitted inconnection with a par formula;
(4) May bear interest ata rate or rates that may vary as permitted pursuant to a par formula and forsuch period or periods of time, all as may be provided in the proceedingsproviding for the issuance of such refunding obligations; and
(5) May be made thesubject of a remarketing agreement whereby an attempt is made to remarket therefunding obligations to new purchasers prior to their presentment for paymentto the provider of the credit facility or to the State.
If the aggregate principalamount repayable by the State under an agreement is in excess of the aggregateprincipal amount of refunding obligations secured by the related creditfacility, whether as a result of the inclusion in the credit facility of aprovision for the payment of interest for a limited period of time or thepayment of a redemption premium or for any other reason, then the amount ofauthorized but unissued refunding obligations during the term of such agreementshall not be less than the amount of such excess, unless the payment of suchexcess is otherwise provided for by agreement of the State executed by theState Treasurer. (1935, c. 445, s. 7; 1985 (Reg. Sess., 1986), c. 823,s. 1.)
