HARRY HUGHES, Governor

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(B)  ADDITIONAL POWER.

THE POWER TO ISSUE BONDS UNDER THIS SECTION IS IN ADDITION
TO ANY OTHER POWER TO BORROW.

(C)  PUBLIC PURPOSE.

A STATE UNIT MAY ISSUE BONDS UNDER THIS SECTION ONLY FOR:

(1)  THE PUBLIC PURPOSE OF REALIZING FOR THE STATE
UNIT A SAVINGS IN THE TOTAL COST OF DEBT SERVICE ON A DIRECT
COMPARISON OR PRESENT VALUE BASIS;

(2)  THE PUBLIC PURPOSE OF DEBT RESTRUCTURING THAT
REDUCES THE TOTAL COST OF DEBT SERVICE; OR

(3)  THE PUBLIC PURPOSE OF DEBT RESTRUCTURING THAT THE
STATE UNIT DETERMINES:

(I)  IS IN ITS BEST INTERESTS;

(II)  IS CONSISTENT WITH ITS LONG TERM FINANCIAL
PLAN; AND

(III)  REALIZES A FINANCIAL OBJECTIVE OF THE
STATE UNIT, INCLUDING IMPROVEMENT OF THE RELATIONSHIP OF DEBT
SERVICE TO ANY SOURCE OF PAYMENT SUCH AS TAXES, ASSESSMENTS, OR
OTHER CHARGES.

(D)  SERIES.

A STATE UNIT MAY:

(1)' PROVIDE THAT BONDS UNDER THIS SECTION BE IN 1 OR
MORE SERIES; AND

(2) VARY THE AMOUNT OF THE SERIES.

(E)  AMOUNT.

(1)  THE TOTAL PRINCIPAL AMOUNT OF THE BONDS ISSUED
UNDER THIS SECTION MAY EXCEED THE TOTAL PRINCIPAL AMOUNT OF THE
BONDS THAT ARE BEING REFUNDED.

(2)  TO DETERMINE WHETHER THE BONDS UNDER THIS SECTION
ARE WITHIN ANY LIMIT ON DEBT THAT APPLIES TO THE STATE UNIT:

(I)  THE AMOUNT OF THE BONDS, THAT ARE BEING
REFUNDED SHALL BE SUBTRACTED FROM ITS TOTAL OUTSTANDING DEBT; AND

(II)  THE AMOUNT OF THE BONDS ISSUED UNDER THIS
SECTION SHALL BE ADDED TO THE DIFFERENCE.

(F)  PROCEDURES FOR ISSUANCE.