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Last modified
8/15/2009 11:39:50 AM
Creation date
9/30/2006 8:11:08 PM
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Template:
Legislation
Bill Number
SB03-236
Year
2003
Title
Water Board Revenue Bonds
Legislation - Doc Type
Other CWCB Related Bills - Passed
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<br />e <br /> <br />I <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br /> <br />e <br /> <br />e <br /> <br />ADMINISTRATION OF SUCH BONDS SHALL BE PAYABLE SOLELY FROM: <br />(I) REVENUES AND RECEIPTS DERIVED FROM THE SALE OF WATER, . <br />POWER, OR OTHER ASSETS BY THE BOARD FROM A WATER <br />INFRASTRUCTURE PROJECT WHOSE CONSTRUCTION, DEVELOPMENT, OR <br />IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY BONDS AND <br />INTEREST OR INCOME EARNED ON THE DEPOSIT AND INVESTMENT OF SUCH <br />REVENUES AND RECEIPTS; AND <br />(II) THE PROCEEDS OF SUCH BONDS AND ANY INTEREST AND <br />INCOME EARNED ON THE DEPOSIT AND INVESTMENT OF SUCH BOND <br />PROCEEDS. <br />(b) THE OWNERS OR HOLDERS OF BONDS MAY NOT LOOK TO ANY <br />OTHER REVENUES OF THE STATE FOR THE PAYMENT OF THE BONDS. <br />(3) (a) THE BOARD SHALL ISSUE BONDS IN ONE OR MORE SERIES <br />PURSUANT TO RESOLUTIONS ADOPTED BY THE BOARD OR PURSUANT TO <br />ANY OTHER INSTRUMENTS ISSUED BY THE BOARD. <br />(b) As THE BOARD DEEMS APPROPRIATE, THE RESOLUTION OR <br />OTHER INSTRUMENT AUTHORIZING BONDS MAY CONTAIN PROVISIONS <br />SETTING FORTH THE RIGHTS AND REMEDIES OF THE OWNERS OR HOLDERS <br />OF THE BONDS, PROVISIONS FOR PROTECTING AND ENFORCING THE RIGHTS <br />AND REMEDIES OF THE OWNERS OR HOLDERS OF THE BONDS, AND SUCH <br />OTHER PROVISIONS AS THE BOARD DEEMS APPROPRIATE FOR THE SECURITY <br />OF THE OWNERS OR HOLDERS OF THE BONDS. SUCH PROVISIONS MAY <br />INCLUDE, BUT SHALL NOT BE LlMITEDTO, PROVISIONS REGARDING LETTERS <br />OF CREDIT, INSURANCE, STANDBY CREDIT AGREEMENTS, OR OTHER FORMS <br />OF CREDIT ENSURING TIMELY PAYMENT OF THE BONDS, INCLUDING THE <br />REDEMPTION PRICE OR THE PURCHASE PRICE, AND PROVISIONS REGARDING <br />THE REIMBURSEMENT OF PROVIDERS OF SUCH CREDIT OUT OF REVENUES <br /> <br />-9- <br /> <br />SB03-236 <br />
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