HARRY HUGHES, Governor

2369

(c) The Administration may borrow money and issue bonds or
notes to provide funds for making, PURCHASING, or participating
in making mortgage or other loans [for any community development
project, energy conservation project, or solar energy project];
purchasing securities backed by a mortgage or other loan or loans
[for a community development project, energy conservation
project, or solar energy project]; meeting any development cost;
[purchasing a residential mortgage loan, or interest in the loan;
making a loan to a mortgage lender; making a residential mortgage
loan to a family of limited income;] or achieving any other of
its purposes. Every issuance of bonds or notes shall be pursuant
to a determination that the issuance is necessary to achieve one
or more purposes of the Administration. The determination shall
be made by the Director of the Administration or by any person
designated by the Secretary of Economic and Community
Development, and approved by the Secretary of Economic and
Community Development. The determination is effective upon that
approval, without any other proceeding, action, or approval, and
is conclusive of the matters determined therein.

(m) THE INTEREST RATE OR RATES ON AND THE TERMS OF ANY
LOANS AND THE REVENUES FROM AND THE TERMS OF ANY OTHER ASSETS
THAT ARE FINANCED FROM THE PROCEEDS OF BONDS OR NOTES OF THE
ADMINISTRATION, TOGETHER WITH ANY FEES CHARGED BY THE
ADMINISTRATION AND ANY OTHER AVAILABLE REVENUES, SHALL BE AT
LEAST SUFFICIENT TO ASSURE REPAYMENT IN FULL OF THE PRINCIPAL OF
AND INTEREST ON SUCH BONDS OR NOTES AS AND WHEN DUE. Any pledge
made by the Administration is valid and binding from the time the
pledge is made. The lien of the pledge attaches immediately to
revenues or property so pledged and thereafter received by the
Administration, without any physical delivery or further act, and
is valid and binding against all persons having claims of any
kind against the Administration, irrespective of whether those
persons have notice of the pledge, and without recording or
filing the determination or any other instrument.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 15, 1984.

CHAPTER 377

(Senate Bill 946)

AN ACT concerning

Community Residential Mental Health Programs
for Children and Adolescents