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545
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MARVIN MANDEL, Governor
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AS SET FORTH IN THE BUDGETS.
ARTICLE IX
REVENUE BONDS
27. BORROWING POWER.
THE AUTHORITY MAY BORROW MONEY FOR ANY OF THE
PURPOSES OF THIS TITLE, MAY ISSUE ITS NEGOTIABLE BONDS
AND OTHER EVIDENCES OF INDEBTEDNESS IN RESPECT THERETO
AND MAY MORTGAGE OR PLEDGE ITS PROPERTIES, REVENUES AND
CONTRACTS AS SECURITY THEREFOR.
ALL SUCH BONDS AND EVIDENCES OF INDEBTEDNESS SHALL
BE PAYABLE SOLELY OUT OF THE PROPERTIES AND REVENUES OF
THE AUTHORITY. THE BONDS AND OTHER OBLIGATIONS OF THE
AUTHORITY, EXCEPT AS MAY BE OTHERWISE PROVIDED IN THE
INDENTURE UNDER WHICH THEY WERE ISSUED, SHALL BE DIRECT
AND GENERAL OBLIGATIONS OF THE AUTHORITY AND THE FULL
FAITH AMD CREDIT OF THE AUTHORITY ARE HEREBY PLEDGED FOR
THE PROMPT PAYMENT OF THE DEBT SERVICE THEREON AND FOR
THE FULFILLMENT OF ALL OTHER UNDERTAKINGS OF THE
AUTHORITY ASSUMED BY IT TO OR FOR THE BENEFIT OF THE
HOLDERS THEREOF.
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 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 ADMINISTRATION, THE PLANNING, DESIGN, ACQUISITION,
CONSTRUCTION, COMPLETION, 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.
29. CREDIT EXCLUDED; OFFICERS, STATE, POLITICAL
SUBDIVISIONS, AND AGENCIES.
THE BOARD SHALL HAVE NO POWER TO PLEDGE THE CREDIT
OF ANY SIGNATORY PARTY, POLITICAL SUBDIVISION OR AGENCY
THEREOF, OR TO IMPOSE ANY OBLIGATION FOR PAYMENT OF THE
BONDS UPON ANY SIGNATORY PARTY, POLITICAL 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
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