|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor S.B. 323
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 THE AND MAY APPLY REVENUES THAT MAY BE
NECESSARY OR CONVENIENT:
(I) TO PAY FOR MAINTENANCE, REPAIR, AND OPERATION, AND
PROTECTION OF A DEVELOPMENT OR PROJECT;
(II) FOR RESERVES; AND
(III) FOR RENEWAL, REPLACEMENT, EXTENSION, ENLARGEMENT,
AND IMPROVEMENT OF A DEVELOPMENT OR PROJECT AS PROVIDED IN THE
RESOLUTION OR TRUST INDENTURE.
(4) THE LIEN OF THE PLEDGE OF REVENUES UNDER PARAGRAPH (2) OF
THIS SUBSECTION IS VALID AND BINDING:
(I) FROM THE TIME THE PLEDGE IS MADE; AND
(II) AGAINST EACH PARTY WITH A CLAIM AGAINST THE AUTHORITY
IN TORT, CONTRACT, OR OTHERWISE, REGARDLESS OF WHETHER THE PARTY HAS
NOTICE OF THE LIEN.
(n) (M) In the discretion of the Authority, the revenue bonds may be secured
by a trust indenture by and between the Authority and a corporate trustee, which
may be any trust company or bank having the powers of a trust company within or
- 3013 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
