MARVIN MANDEL, Governor

1111

266DD-6.

(a)   The Administration shall have the power and
authority to meet any development cost through the
expenditure of funds appropriated by the legislature;
through the expenditure of the proceeds of any State loan
to the extent provided by the legislature or any agency
or authority authorized to issue bonds therefor; through
the issuance of bonds, notes, or other evidences of
indebtedness for that purpose, payable solely from
revenues [derived from a community development project or
projects] OF THE ADMINISTRATION AS PROVIDED IN THIS
SECTION; and from any other funds which may be made
available to the Administration for the purposes of
community development under this subheading from its own
operations or from any other source or sources, PUBLIC OR
PRIVATE.

(b)       EXCEPT AS OTHERWISE PROVIDED IN A
DETERMINATION MADE PURSUANT TO THIS SECTION, [Any] ANY
funds of the Administration not needed currently to meet
the expenses and obligations of the Administration shall
be deposited with the State Treasurer to the credit of
the Administration and invested by him in such manner as
is provided by statute AND THE INTEREST EARNED THEREON OR
ANY GAIN REALIZED THEREFROM SHALL BE CREDITED TO THE
ADMINISTRATION.

[(c) The Administration is hereby authorized and
empowered to provide upon approval of the Secretary of
Economic and Community Development for the issuance from
time to time of revenue bonds of the Administration for
the purpose of providing funds for paying the cost of all
or any part of a community development or developments.
Such bonds and any interest coupons to be attached
thereto shall be executed which may be by facsimile in
the name of the Administration by the Secretary of
Economic and Community Development.

(d)   The bonds of each series issued under the
provisions of this section shall bear interest at a rate
or rates determined by the Administration, payable
semiannually, and shall be stated to mature at such time
or times, not exceeding forty (40) years from their date,
as may be determined by the Administration.

(e)   The proceeds of the bonds of each series issued
under the provisions of this section shall be paid to the
trustee who shall be named under a trust agreement which
shall be entered into by the Administration to secure
such bonds and shall be disbursed in such manner and
under such restrictions, if any, as may be provided in
such trust agreement.