MARVIN MANDEL, Governor                                 1055

BOND FINANCING

13.01.   BORROWING POWER. —THE COMMISSION MAY
BORROW MONEY FOR ANY OF THE PURPOSES OF THIS COMPACT
AND MAY ISSUE ITS NEGOTIABLE BONDS AND OTHER EVIDENCES
OF INDEBTEDNESS IN RESPECT THERETO.

ALL SUCH BONDS AND EVIDENCES OF INDEBTEDNESS
SHALL BE PAYABLE SOLELY OUT OF THE PROPERTIES AND
REVENUES OF THE COMMISSION. THE BONDS AND OTHER
OBLIGATIONS OF THE COMMISSION, EXCEPT AS MAY BE
OTHERWISE PROVIDED IN THE INDENTURE UNDER WHICH THEY
WERE ISSUED, SHALL BE DIRECT AND GENERAL OBLIGATIONS
OF THE COMMISSION, AND THE FULL FAITH AND CREDIT OF
THE COMMISSION ARE HEREBY PLEDGED FOR THE PROMPT
PAYMENT OF THE DEBT SERVICE THEREON AND FOR THE
FULFILLMENT OF ALL OTHER UNDERTAKINGS OF THE
COMMISSION ASSUMED BY IT TO OR FOR THE BENEFITS OF THE
HOLDERS THEREOF.

13.02.   FUNDS AND EXPENSES. —THE PURPOSES OF
THIS COMPACT SHALL INCLUDE, WITHOUT LIMITATION, ALL
COSTS OF ANY PROJECT OR FACILITY OR ANY PART THEREOF,
INCLUDING INTEREST DURING A PERIOD OF CONSTRUCTION AND
A REASONABLE TIME THEREAFTER AND ANY INCIDENTAL
EXPENSES (LEGAL, ENGINEERING, FISCAL, FINANCIAL,
CONSULTANT, AND OTHER EXPENSES) CONNECTED WITH ISSUING
AND DISPOSING OF THE BONDS; ALL AMOUNTS REQUIRED FOR
THE CREATION OF AN OPERATING FUND, CONSTRUCTION FUND,
RESERVE FUND, SINKING FUND, OR OTHER SPECIAL FUND; ALL
OTHER EXPENSES CONNECTED WITH THE PLANNING, DESIGN,
ACQUISITION, CONSTRUCTION, COMPLETION, IMPROVEMENT, OR
RECONSTRUCTION OF ANY FACILITY OR ANY PART THEREOF;
AND REIMBURSEMENT OF ADVANCES BY THE COMMISSION OR BY
OTHERS FOR SUCH PURPOSES AND FOR WORKING CAPITAL.

13.03.   CREDIT EXCLUDED; OFFICERS, STATE AND
MUNICIPAL. —THE COMMISSION SHALL HAVE NO POWER TO
PLEDGE THE CREDIT OF ANY SIGNATORY OR OTHER
GOVERNMENTAL AGENCY, OR TO IMPOSE ANY OBLIGATION FOR
PAYMENT OF THE BONDS UPON ANY SIGNATORY OR OTHER
GOVERNMENTAL AGENCY, BUT MAY PLEDGE THE CONTRACTS OF
ANY SIGNATORY OR OTHER GOVERNMENTAL AGENCY; PROVIDED,
HOWEVER, THAT NOTHING HEREIN SHALL PRECLUDE ANY
SIGNATORY OR OTHER GOVERNMENTAL AGENCY FROM
UNDERWRITING THE BONDS OR OTHER OBLIGATIONS OF THE
COMMISSION IN WHOLE OR IN PART AS TO PRINCIPAL AND
INTEREST. NEITHER THE COMMISSIONERS NOR ANY PERSON
EXECUTING THE BONDS SHALL BE LIABLE PERSONALLY ON THE
BONDS OF THE COMMISSION OR BE SUBJECT TO ANY PERSONAL
LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE