Title 5, State Financial Administration

[§39A-266] Exemption from taxation of department property. All revenues derived by the department from any project or under the project agreement pertaining to it shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in a…

[§39A-267] Refunding special purpose revenue bonds. The legislature, by an act passed by an affirmative vote of two-thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any specia…

[§39A-268] Status of special purpose revenue bonds under Uniform Commercial Code. Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all special purpose revenue bonds shall be deemed to be investment sec…

[§39A-269] Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be and are declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associati…

[§39A-270] Access to and public disclosure of financial records of project party. (a) Each project party with a project agreement with the department shall allow the department full access to its financial records. Upon the request of the department for the examination of the fin…

[§39A-271] Estimate of benefits. (a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on a comparison between the use of the pro…

[§39A-272] Construction of this part. The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. Insofar as the provisions of this part are inconsistent with the provisions of any other law, this part shall control. [L 2002, …

[PART IX.] ASSISTING NOT-FOR-PROFIT PRIVATE ORGANIZATIONS, FOR-PROFIT PRIVATE ORGANIZATIONS, AND PUBLIC INSTRUMENTALITIES AND THEIR QUALIFIED AFFILIATES IN THE DEVELOPMENT OF LOW- AND MODERATE-INCOME HOUSING [§39A-281] Definitions. Whenever used in this part, unless a different m…

[§39A-282] Department powers in the development of low- and moderate-income housing. In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not …

[§39A-283] Compliance with state and local law. The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of the project from the laws, ordinances, and rules of the State or any of its political sub…

§39A-284 Conditions precedent to negotiating and entering into a project agreement. (a) Prior to entering into negotiations with any project party, the department shall require that the project party shall agree to pay all fees, costs, and expenses, (direct or indirect) assessed …

§39A-285 Project agreement. No special purpose revenue bonds shall be issued unless, at the time of issuance, the department shall have entered into a project agreement with respect to the project for the financing or refinancing of which the bonds are to be issued. Any project a…

[§39A-286] Issuance of special purpose revenue bonds to finance projects. In addition to the other powers that it may otherwise have, the department may issue special purpose revenue bonds to finance or refinance the costs of developing low- and moderate-income housing or to loan…

[§39A-287] Authorization of special purpose revenue bonds. (a) The department, with the approval of the governor, may issue special purpose revenue bonds for each single project or multi-project program for not-for-profit private organizations, for-profit private organizations, a…

[§39A-288] Special purpose revenue bond anticipation notes. Whenever the department shall have authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance…

[§39A-289] Powers with respect to and security for special purpose revenue bonds. To secure the payment of any of the special purpose revenue bonds issued pursuant to this part, including interest on the bonds, or in connection with the bonds, the department shall have the power …

[§39A-290] Security for special purpose revenue bonds. Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement, project agreements, or other supplemental agreements entered …

[§39A-291] Special purpose revenue bonds not a general obligation of the State. No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of the taxing power of the State to pay for the bonds or the interest …

[§39A-292] Validity of special purpose revenue bonds. The special purpose revenue bonds bearing the signature or facsimile signature of officers on the date of the signing of the bonds shall be valid and sufficient for all purposes, notwithstanding that before the delivery of and…

[§39A-293] Use of revenues derived from project agreement. The department may appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes: Unless and until adequate provision has been made for the foregoing pur…

[§39A-294] Special purpose revenue bonds exempt from taxation. Special purpose revenue bonds and the income derived from the bonds issued pursuant to this part shall be exempt from all state, county, and municipal taxation, except for inheritance, transfer, and estate taxes. [L 2…

[§39A-295] Federal tax-exempt status. To the extent practicable, special purpose revenue bonds issued pursuant to this part shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excl…

[§39A-296] Exemption from taxation of department property. All revenues derived by the department from any project or under the project agreement pertaining to it shall be exempt from all state, county, and municipal taxation. Any right, title, and interest of the department in a…

[§39A-297] Refunding special purpose revenue bonds. The legislature, by an act passed by an affirmative vote of two‑thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any specia…

[§39A-298] Status of special purpose revenue bonds under Uniform Commercial Code. Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all special purpose revenue bonds shall be deemed to be investment sec…

[§39A-299] Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be and are declared to be legal and authorized investments for banks, savings banks, trust companies, savings and loan associati…

[§39A-300] Access to and public disclosure of financial records of project party. (a) Each project party with a project agreement with the department shall allow the department full access to its financial records. Upon the request of the department for the examination of the fin…

[§39A-301] Estimate of benefits. (a) Each project party with a project agreement with the department shall estimate the benefits derived from the use of the proceeds of special purpose revenue bonds. The benefits estimated shall be based on a comparison between the use of the pro…

[§39A-302] Construction of this part. The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law. Insofar as the provisions of this part are inconsistent with the provisions of any other law, this part shall control. [L 2006, …

PART II. ASSISTING NOT-FOR-PROFIT CORPORATIONS THAT PROVIDE HEALTH CARE FACILITIES TO THE GENERAL PUBLIC §39A-31 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Department" means the department of budget and finance. "Health …

PART X. ASSISTING AGRICULTURAL ENTERPRISES §39A-311 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: "Department" means the department of budget and finance. "Project" means any combination of land, buildings, and other improve…

§39A-312 Department powers as to agricultural enterprises. In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following: …

[§39A-313] Compliance with state and local law. The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of the project from the laws, ordinances, and rules of the State or any political subdivisio…

§39A-314 Conditions precedent to negotiating and entering into a project agreement. (a) Prior to entering into negotiations with respect to a project agreement or at any time during the negotiations, the department shall require that as a condition to the negotiations or the cont…

§39A-315 Project agreement. No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing of which the special purpose revenue bonds are to be issued. Any pr…

§39A-316 Issuance of special purpose revenue bonds to finance projects. In addition to the other powers that it may otherwise have, the department may issue special purpose revenue bonds to finance or refinance, in whole or in part, the costs of facilities of, or for, or to loan …

[§39A-317] Authorization of special purpose revenue bonds. (a) Special purpose revenue bonds for each project or multi-project program shall be authorized by a separate act of the legislature, by an affirmative vote of two-thirds of the members to which each house is entitled; pr…

[§39A-318] Special purpose revenue bond anticipation notes. Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of the…

[§39A-319] Powers with respect to and security for special purpose revenue bonds. To secure the payment of any of the special purpose revenue bonds issued pursuant to this part and interest thereon, or in connection with the bonds, the department shall have the power: The departm…

§39A‑32 Department powers as to health care facilities. In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following: Whe…

[§39A-320] Security for special purpose revenue bonds. Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other supplemental agreements entered into with respect to …

[§39A-321] Special purpose revenue bonds not a general obligation of the State. No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of the taxing power of the State to pay the bonds or the interest ther…

[§39A-322] Validity of special purpose revenue bonds. The special purpose revenue bonds bearing the signature or facsimile signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, notwithstanding that before the delivery t…

[§39A-323] Use of revenues derived from project agreement. The department shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes: Unless and until adequate provision has been made f…

[§39A-324] Special purpose revenue bonds exempt from taxation. Special purpose revenue bonds and the income therefrom issued pursuant to this part shall be exempt from all state and county taxation except inheritance, transfer, and estate taxes. [L 2006, c 148, pt of §1]

[§39A-325] Federal tax exempt status. To the extent practicable, special purpose revenue bonds issued pursuant to this part shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excl…