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ROBERT L. EHRLICH, JR., Governor Ch. 588
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deemed a part of the original issue authorized by the resolution, and shall be issued
under such restrictions and limitations as prescribed by the resolution or trust
indenture.
[(k)] (J) The Authority may provide by resolution for the issuance of its
revenue refunding bonds for the purpose of refunding any bonds then outstanding
and issued under the provisions of this section. The issuance of such refunding bonds,
the details thereof, the rights of the holders thereof, and the duties of the Authority in
respect to them shall be governed by the provisions of this section insofar as
applicable. The refunding bonds shall mature at such time or times not exceeding 40
years from the date or dates of their respective issues as determined by the Authority.
[(1)] (K) The Authority may provide by resolution for the issuance of a single
issue of its revenue bonds for the combined purposes of (1) paying the cost of any
improvement, extension, enlargement, or reconstruction of a development or project
and (2) refunding its bonds theretofore issued for such development or project and
then outstanding and which shall then have matured or be subject to redemption or
can be acquired for retirement. The revenue refunding bonds shall mature at such
time or times not exceeding 40 years from the date or dates of their respective issues
as may be determined by the Authority.
[(m)] (L) (1) All moneys received from any revenue bonds issued and sold
under the provisions of this section shall be applied [solely] for the purposes for
which the bonds are authorized [or to a reserve fund created for the payment of the
bonds, and there is created and granted a lien upon such moneys until so applied in
favor of the holders of the bonds or paid to the trustee hereinafter provided for the
bonds].
(2) THE AUTHORITY SHALL SET ASIDE A SUFFICIENT AMOUNT OF THE
REVENUES DERIVED FROM A DEVELOPMENT OR PROJECT IN A SINKING FUND OR
OTHER SIMILAR FUND:
(I) AT REGULAR INTERVALS AS PROVIDED IN THE RESOLUTION OR
TRUST INDENTURE; AND
(II) PLEDGED TO PAYING:
1. THE PRINCIPAL OF AND INTEREST ON THE BONDS AS
THEY BECOME DUE; AND .
2. THE REDEMPTION OR PURCHASE PRICE OF BONDS
RETIRED BY CALL OR PURCHASE AS SPECIFIED IN THE RESOLUTION OR TRUST
INDENTURE.
(3) IF THE RESOLUTION OR TRUST INDENTURE SO PROVIDES, THE
AUTHORITY MAY EXCLUDE FROM THE CALCULATION OF THE AMOUNT TO BE
DEPOSITED IN THE SINKING FUND AND MAY APPLY REVENUES THAT MAY BE
NECESSARY OR CONVENIENT:
(I) TO PAY FOR MAINTENANCE, REPAIR, OPERATION, AND
PROTECTION OF A DEVELOPMENT OR PROJECT;
- 2793 -
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