LEG00050

• Bill Number: SB03-236
• Year: 2003
• Title: Water Board Revenue Bonds
• Legislation - Doc Type: Other CWCB Related Bills - Passed

e

I
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

e

.

AMOUNT EXCEPT AS SET FORTH IN THE AGREEMENT, FROM REVENUES
RECEIVED IN ONE OR MORE FISCAL YEARS TO THE BOARD, ANY OTHER
POLITICAL SUBDIVISION OR ENTITY , ORANY OTHER PERSON TO DEFRA YTHE
COSTS OFTHE FINANCING, CONSTRUCTION, OPERATION, OR MAINTENANCE
OF ANY APPROVED WATER INFRASTRUCTURE PROJECT.
(C) TRANSFER OR ASSIGN TO THE BOARD ANY CONTRACTS THAT
MAY HAVE BEEN AWARDED BY THE POLITICAL SUBDIVISION FOR
CONSTRUCTION, OPERATION, OR MAINTENANCE OF ANY APPROVED WATER
INFRASTRUCTURE PROJECT.
(2) To ASSIST IN THE FINANCING, CONSTRUCTION, OPERATION, OR
MAINTENANCE OF AN APPROVED WATER INFRASTRUCTURE PROJECT, ANY
POLITICAL SUBDIVISION MAY, BY CONTRACT, PLEDGE TO THE BOARD
REVENUES FROM ANY LEGALLY AVAILABLE SOURCE.
(3) (a) PURSUANT TO ANY CONTRACT OR AGREEMENT ENTERED
INTO AS AUTHORIZED BY THIS SECTION, A POLITICAL SUBDIVISION MAY
OBLIGATE ITSELF TO MAKE PAYMENTS IN AN AMOUNT THAT WILL BE
SUFFICIENT TO ENABLE THE BOARD OR ANY OTHER POLITICAL SUBDIVISION
OR ENTITY THAT IS AIDING AND COOPERATING IN THE FINANCING OF ANY
APPROVED WATER INFRASTRUCTURE PROJECT THROUGH THE ISSUANCE OF
BONDS OR OTHER FINANCIAL INSTRUMENTS TO MEET:
(I) ITS EXPENSES INCURRED IN SUCH FINANCING;
(II) THE PRlNClP ALAND INTEREST PAYMENTS FOR BONDS OR OTHER
FINANCIAL INSTRUMENTS ISSUED;
(III) ITS REASONABLE RESERVES FOR DEBT SERVICE, OPERATION
AND MAINTENANCE, AND RENEWALS AND REPLACEMENTS; AND
(IV) THE REQUIREMENTS OF ANY RATE COVENANT WITH RESPECT
TO DEBT SERVICE COVERAGE OR DEBT SERVICE COVERAGE CONTAINED IN

-15-

SB03-236