J. MILLARD TAWES, Governor                       1401

317-28. Funds and Expenses—

The purposes of this Title shall include, without limitation, all
costs of any project or facility or any part thereof, including interest
during a period of construction and for a period not to exceed two
years thereafter and any incidental expenses (legal, engineering,
fiscal, financial, consultant and other expenses) connected with is-
suing and disposing of the bonds; all amounts required for the crea-
tion of an operating fund, construction fund, reserve fund, sinking
fund, or other special fund; all other expenses connected with ad-
ministration, the planning, design, acquisition, construction, com-
pletion, improvement or reconstruction of any facility or any part
thereof; and reimbursement of advances by the Board or by others
for such purposes and for working capital.

317-29. Credit Excluded; Officers, State, Political Subdivisions and
Agencies—

The Board shall have no power to pledge the credit of any signa-
tory party, political subdivision or agency thereof, or to impose any
obligation for payment of the bonds upon any signatory party, politi-
cal subdivision or agency thereof, but may pledge the contracts of
such governments and agencies; provided, however, that the bonds
may be underwritten in whole or in part as to principal and interest
by the United States, or by any political subdivision or agency of any
signatory; provided, further, that any bonds underwritten in whole
or in part as to principal and interest by the United States shall not
be issued without approval of the Secretary of the Treasury. Neither
the Directors nor any person executing the bonds shall be liable
personally on the bonds of the Authority or be subject to any per-
sonal liability or accountability by reason of the issuance thereof.

317-30. Funding and Refunding—

Whenever the Board deems it expedient, it may fund and refund
the bonds and other obligations of the Authority whether or not
such bonds and obligations have matured. It may provide for the
issuance, sale or exchange of refunding bonds for the purpose of
redeeming or retiring any bonds (including the payment of any
premium, duplicate interest or cash adjustment required in connec-
tion therewith) issued by the Authority or issued by any other
issuing body, the proceeds of the sale of which have been applied
to any facility acquired by the Authority or which are payable out
of the revenues of any facility acquired by the Authority. Bonds
may be issued partly to refund bonds and other obligations then
outstanding, and partly for any other purpose of the Authority. All
provisions of this Title applicable to the issuance of bonds are appli-
cable to refunding bonds and to the issuance, sale or exchange
thereof.

317-31. Bonds; Authorization Generally—

Bonds and other indebtedness of the Authority shall be author-
ized by resolution of the Board. The validity of the authorization and
issuance of any bonds by the Authority shall not be dependent upon
nor affected in any way by: (i) the disposition of bond proceeds by
the Board or by contract, commitment or action taken with respect
to such proceeds; or (ii) the failure to complete any part of the
project for which bonds are authorized to be issued. The Authority