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Session Laws, 1955
Volume 620, Page 167   View pdf image (33K)
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THEODORE R. McKELDIN, GOVERNOR                     167

to provide the amount of such deficit, and, unless otherwise provided
in the resolution authorizing the issuance of such bonds or in the
trust agreement securing the same shall be deemed to be of the same
issue and shall be entitled to payment from the same fund without
preference or priority of the bonds first issued. If the proceeds of
the bonds of any issue shall exceed the cost of the project or projects
for which the same shall have been issued, the surplus shall be de-
posited into the sinking fund hereinafter provided for the payment
of principal of and interest on the revenue bonds.

(h) Prior to the preparation of definitive revenue bonds, the Au-
thority may, under like restrictions, issue interim receipts or tempo-
rary bonds, with or without coupons, to be exchanged for definitive
bonds when such bonds have been executed and are available for de-
livery. The Authority may also provide, by resolution, for the re-
placement of any bonds which shall become mutilated, destroyed or
lost.

(i) The revenue bonds, certificates or other evidence of indebted-
ness, authorized to be issued under this Act may be issued without an
election referendum or any other proceedings or the happening of
any other conditions or things than those proceedings, conditions or
things which are specified and required by this Act.

(j) The Authority is hereby authorized to provide by resolution
for the issuance of its revenue refunding bonds for the purpose of
refunding any revenue bonds then outstanding and issued under the
provisions of this Act. The issuance of such revenue refunding bonds,
the maturities and other details thereof, the rights of the holders
thereof, and the duties of the Authority in respect of the same, shall
be governed by the provisions of this Act insofar as they may be
applicable.

(k) The Authority is further authorized to provide by resolution
for the issuance of a single issue of its revenue bonds for the com-
bined purposes of (1) paying the cost of any improvement, extension,
enlargement or reconstruction of any of its existing projects and (2)
of refunding its revenue bonds ivhich shall theretofore have been
issued for the purpose of providing funds for the cost of such project
which shall then be outstanding and which shall then have matured
or be subject to redemption or can be acquired for retirement.

(l) Only fees, rents, tolls, charges and revenues received from the
use of the project or projects constructed from the proceeds of the
bonds issued under the provisions of this Act shall be used or appro-
priated for the payment of interest or principal of such bonds, pro-
vided, however, that prior to and during construction and for one (1)
year after the completion of the construction of any such project or
projects for which revenue bonds have been issued hereunder, the
interest on such bonds may be paid out of the proceeds realized from
the sale of such bonds.

431. (Provisions of Authorizing Resolution.) Any resolution or
resolutions authorizing the issuance of any revenue bonds under this
Act may contain provisions which shall be part of the contract with
the holders thereof and which may relate to the following:


 

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Session Laws, 1955
Volume 620, Page 167   View pdf image (33K)
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