BOARD00908

• Board Meeting Date: 7/23/2002
• Description: Special Session Report
• Board Meetings - Doc Type: Memo

(b) THE VOTES CAST FOR THE ADOPTION OR REJECTION OF THE QUESTION SUBMITTED PURSUANT TeA
PARAGRAPH (a) OF THIS SUBSECTION (1) SHALL BE CANVASSED AND THE RESULT DETERMINED IN THE MANNE~
PROVIDED BY LAW FOR THE CANVASSING OF VOTES FOR REPRESENTATIVES IN CONGRESS.
(2) IF THE REGISTERED ELECTORS OF THE STATE VOTING ON THE QUESTION APPROVE THE BALLOT
QUESTION SUBMITTED PURSUANT TO SUBSECTION '(1) OF THIS SECTION, THE BOARD SHALL IDENTIFY
OPPORTUNlTIES FOR STORAGE STATEWIDE AND MAY RECOMMEND TO THE GENERAL ASSEMBLY WATER
INFRASTRUCTURE PROJECTS TO BE FUNDED, IN WHOLEioR IN PART, THROUGH THE ISSUANCE OF NO MORE THAN
TEN BILLION DOLLARS OF BONDS IN THE AGGREGATE. THE RECOMMENDATION.SHALL INCLUDE, AT A MINIMUM:
(a) A DESCRlPTION OF THE RECOMMENDED PROJECTS;
(b) A FEASIBILITY REPORT THAT EV ALUA TES THE ECONOMIC AND ENGINEERING FEASIBILITY OF THE
PROJECTS;
(c) RECOMMENDED COMPLETION SCHEDULES FOR THE PROJECTS; AND
(d) A STATEMENT THAT LISTS THE PROJECTED COST OF EACH PROJECT AND THE AMOUNT OF REVENUE
BOND PROCEEDS TO BE EXPENDED ON EACH PROJECT AND IDENTIFIES THE SOURCE AND AMOUNT OF ANY MONEYS
OTHER TIlAN BOND PROCEEDS TO BE EXPENDED ON EACH PROJECT.
(3) THE GENERAL ASSEMBLY MAY APPROVE BY BILL ANY OR ALL OF THE WATER INFRASTRUCTURE
PROJECTS RECOMMENDED BY TIlE BOARD PURSUANT TO SUBSECTION (2) OF THIS SECTION. THE BOARD SHALL
ONLY ISSUE REVENUE BONDS FOR TIlE PURPOSE OF FINANCING APPROVED PROJECTS.
37-60-204. Water infrastructure revenue bonds. (1) SUBJECTTO THE APPROVAL BY THE REGISTERED
ELECTORS OF THE STATE VOTING ON THE QUESTION OF THE BALLOT QUESTION SPECIFIED IN SECTION 37-60-203
(1) (a), AND ALL OTHER REQUIREMENTS OF THIS PART 2, THE BOARD, FROM TIME TO TIME, MAY ISSUE
VOTER-APPROVED REVENUE BONDS FOR THE PURPOlm OF FINANCING APPROVED WATER 'INFRASTRUCTURE
PROJECTS.
(2) (a) THE PRINCIPAL OF AND INTEREST ON BONDS ISSUED BY THE BOARD AND ANY COSTS ASSOCIATED
WITH THE ISSUANCE AND ADMINISTRATION OF SUCH BONDS SHALL BE PAY ABLE SOLELY FROM: .
(1) REVENUES AND RECEIPTS DERIVED FROM DIE SALE OF WATER OR POWER OR THE SALE OR LEASE 0
RECREATIONAL FACILlTIES OR OPPORTUNITIES BY THE BOARD FROM A WATER INFRASTRUCTURE PROJECT WHOSE
CONSTRUCTION, DEVELOPMENT, OR IMPROVEMENT WAS FINANCED IN WHOLE OR IN PART BY BONDS AND
INTEREST OR INCOME EARNED ON TIlE DEPOSIT AND INVESTMENT OF SUCH REVENUES AND RECEIPTS; AND
(II) THE PROCEEDS OF SUCH BONDS AND ANY INTEREST AND INCOME EARNED ON THE DEPOSIT AND
INVES1MENT OF SUCH BOND PROCEEDS.
(b) THE OWNERS OR HOLDERS OF BONDS MAY: NOT LOOK TO ANY OTHER REVENUES OF THE STATE FOR
THE PAYMENT OF THE BONDS.
(3) (a) THE BOARD SHALL ISSUE BONDS PURSl.1ANT TO A RESOLUTION ADOPTED BY TIlE BOARD OR ANY
OTHER INSTRUMENT ISSUED BY THE BOARD.
(b) As THE BOARD DEEMS APPROPRIATE, THE RESOLUTION OR OTHER INSTRUMENT <\.UTHORIZING BONDS
MAY CONTAIN SUCH PROVISIONS SETTING FORTIl TIlE RIGHTS AND REMEDIES OF THE OWNERS OR HOLDERS OF
THE BONDS, MAY CONTAIN SUCH PROVISIONS FOR PROTECTING AND ENFORCING TIlE RIGHTS AND REMEDIES OF
. THE OWNERS OR HOLDERS OF THE BONDS AS THE BO~ DEEMS APPROPRIATE, AND MAY CONTAIN SUCH OTHER
PROVISIONS THAT THE BOARD DEEMS APPROPRIATE FpR THE SECURITY OF THE OWNERS OR HOLDERS OF THE
BONDS. SUCH PROVISIONS MAY INCLUDE, BUT SHALL NOT BE LIMITED TO, PROVISIONS REGARDING LETTERS OF
CREDIT, INSURANCE, STANDBY CREDIT AGREEMENTS, OR OTHER FORMS OF CREDIT ENSURING TIMELY PAYMENT
OF THE BONDS, INCLUDING THE REDEMPTION PRICE OR THE PURCHASE PRICE, AND PROVISIONS REGARDING THE
REIMBURSEMENT OF PROVIDERS OF SUCH CREDIT OUT OF REVENUES AVAILABLE FOR THE PAYMENT OF PRINCIPAL
OF AND INTEREST ON THE BONDS FOR ANY AMOUNTS PAID BY SUCH PROVIDERS WITH RESPECT TO SUCH BONDS.
(4) BONDS MAY BE ISSUED IN SUCH AGGREGATE PRINCIPAL AMOUNT, MAY BE ISSUED IN ONE OR MORE
SERIES, MAY BEAR SUCH DATES; MAY BE IN SUCH DEIj'OMINATION OR DENOMINATIONS, MAY MATURE ON ANY
DATE OR DATES, MAY MATURE IN SUCH AMOUNT OR .:\MOUNTS, MAY BE IN SUCH FORM, MAY BE PAYABLE AT
SUCH PLACE OR PLACES, MAY BE SUBJECT TO SUCH TEJi.MS OF REDEMPTION WITH OR WITHOUT A PREMIUM, MA.
CONTAIN SUCH PROVISIONS AS THE STATE TREASVRER, IN CONSULTATION WITIl TIlE BOARD, DEEM
APPROPRIATE REGARDING INSURANCE TO ENSURE THE TIMELY PAYMENT OF THE BONDS, AND MAY CONTAIN