WILLIAM DONALD SCHAEFER, Governor Ch. 535

FOR THE INSURANCE OF ITS LOAN OBLIGATIONS OR BONDS OF THE
ADMINISTRATION, OR TO PROVIDE ANY OTHER GUARANTEE, CREDIT
ENHANCEMENT, OR ADDITIONAL SECURITY FOR ANY SUCH LOAN OBLIGATIONS
OR BONDS.

(D)  NOTWITHSTANDING ANY OTHER PROVISION OF PUBLIC GENERAL
OR PUBLIC LOCAL LAW, CHARTER, OR ORDINANCE, A BORROWER MAY AGREE
WITH THE ADMINISTRATION TO PLEDGE ANY MONEYS THAT THE BORROWER IS
ENTITLED TO RECEIVE FROM THE STATE, INCLUDING THE BORROWER'S
SHARE OF THE STATE INCOME TAX, TO SECURE ITS OBLIGATIONS UNDER A
LOAN AGREEMENT. THE STATE COMPTROLLER AND THE STATE TREASURER
SHALL CAUSE ANY MONEYS WITHHELD UNDER SUCH A PLEDGE TO BE PAID
TO, OR APPLIED AT THE DIRECTION OF, THE ADMINISTRATION.

(E) EACH LOAN AGREEMENT SHALL CONTAIN A PROVISION WHEREBY
THE BORROWER ACKNOWLEDGES AND AGREES THAT THE BORROWER'S LOAN
OBLIGATION IS CANCELABLE ONLY UPON REPAYMENT IN FULL AND THAT
NEITHER THE ADMINISTRATION, THE SECRETARY, NOR THE BOARD IS
AUTHORIZED TO FORGIVE THE REPAYMENT OF ALL OR ANY PORTION OF THE
LOAN.

9-1607.

(A)  THE ADMINISTRATION MAY, SUBJECT TO THE PRIOR APPROVAL
OF THE BOARD AND THE SECRETARY, ISSUE BONDS FOR THE PURPOSE OF
PROVIDING MONEYS FOR DEPOSIT TO THE FUND.

(B)  WITH RESPECT TO EACH ISSUE OF BONDS, THE DIRECTOR SHALL
ADOPT A BOND RESOLUTION DETERMINING:

(1)  THE DATE OR DATES OF ISSUE;

(2)  THE DATE OR DATES OF MATURITY AND THE AMOUNT OR
AMOUNTS MATURING ON SUCH DATE OR DATES;

(3)  THE FIXED OR VARIABLE RATE OR RATES OF INTEREST
PAYABLE ON THE BONDS, OR MANNER OF DETERMINING THE SAME, AND THE
DATE OR DATES OF SUCH PAYMENT;

(4)  THE FORM OR FORMS AND DENOMINATION OR
DENOMINATIONS, MANNER OF EXECUTION AND THE PLACE OR PLACES OF
PAYMENT OF THE BONDS AND OF THE INTEREST THEREON, WHICH MAY BE AT
ANY BANK OR TRUST COMPANY WITHIN OR WITHOUT THIS STATE;

(5)  WHETHER THE BONDS OR ANY PART THEREOF SHALL BE
MADE REDEEMABLE BEFORE MATURITY AND, IF SO, UPON WHAT TERMS,
CONDITIONS, AND PRICES; AND

(6)  ANY OTHER MATTER RELATING TO THE FORMS, TERMS,
CONDITIONS, ISSUANCE, AND SALE OF THE BONDS.

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