Title 5, State Financial Administration

§39-66 Federal tax-exempt status; preference; protection. (a) Revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on such revenue bonds shall be excluded f…

§39-67 Revenue bonds legal investments. All public officers and bodies of the State, all political subdivisions, all insurance companies and associations, all banks, savings banks, and savings institutions, including building or savings and loan associations, all credit unions, a…

§39-68 Duties of the director. (a) The director of finance, when requested by the department, shall render full and complete assistance to any department in the preparation and sale of revenue bonds issued pursuant to this part. The director of finance shall be the fiscal agent o…

§39-69 Investment of reserves, etc. The director of finance, with the approval of the department, may invest any money held as reserves or in sinking funds or not required for immediate disbursement, including proceeds of the revenue bonds, which in the department's judgment are …

§39-7 Form and execution of bonds. Bonds issued pursuant to this part shall be in such form as the director of finance may determine, and shall be lithographed or steel engraved. All bonds issued pursuant to this part shall be manually signed by the director of finance or a deput…

§39-70 Bond anticipation notes. In anticipation of the issuance of revenue bonds pursuant to this part theretofore authorized by the legislature for an undertaking or a loan program and of the receipt of the proceeds of such revenue bonds, the department having jurisdiction over …

§39-71 Refunding revenue obligations. (a) Whenever the State or any department thereof shall have outstanding any revenue bonds, and the department with the approval of the governor and the director of finance, determines that it will be financially sound and advantageous to the …

§39-72 Transfers to department. When there are moneys in the general, special, or revolving funds of the State, which in the judgment of the director of finance are in excess of the amounts necessary for the immediate state requirements, the director of finance may make temporary…

§39-73 Consent of governmental agencies. It shall not be necessary for any department proceeding pursuant to this part to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other like instr…

§39-74 General laws applicable. The provisions of part II, relating to lost, stolen, destroyed, or defaced bonds, and to lost, stolen, destroyed, or defaced coupons, to the extent that they are applicable, shall apply to revenue bonds issued pursuant to this part. [L 1988, c 28, …

§39-75 Construction. The powers conferred by this part shall be in addition and supplemental to the powers conferred by any other law concerning any undertaking or loan program. An undertaking may be acquired, purchased, constructed, reconstructed, improved, bettered, and extende…

§39-76 Validation of proceedings. All proceedings taken with respect to the contracting of revenue bonded indebtedness and the issuance, sale, execution, and delivery of revenue bonds by or on behalf of this State, are hereby validated, ratified, approved, and confirmed, notwiths…

§39-8 Same, signatures. When bonds of the State are prepared and signed by the director of finance or a deputy director of finance of the State and the comptroller of the State in office at the time of such signing, the signatures of the director of finance or deputy director of …

§39-9 CUSIP numbers. The director of finance, in the director of finance's discretion, may provide that CUSIP identification numbers shall be imprinted on bonds issued pursuant to this part. In the event that CUSIP identification numbers are imprinted on any bonds: (1) No number …

§39-91 Definitions. As used in this part, the following words and terms shall have the following meanings: "Fiscal year" means the twelve months' period beginning on July 1 of one calendar year and ending on June 30 of the next succeeding calendar year. "Net general fund revenues…

§39-92 State debt limit statement. (a) The director of finance shall annually as of July 1 of each fiscal year and following each issuance of general obligation bonds of the State ascertain and set forth in a table or other summary a statement evidencing the power of the State to…

§39-93 Statement of total outstanding indebtedness of the State and the exclusions permitted therefrom. (a) The director of finance shall annually ascertain and set forth in a table or other summary a statement of the total outstanding indebtedness of the State and the exclusions…

§39-94 Arrangement of statements and schedules and forms; incorporation. In preparing the statements and supporting schedules required by this part, the director of finance may arrange, group, and set forth such information and figures in such manner as the director deems necessa…

PART I. GENERAL PROVISIONS §39A‑1 Statement on special purpose revenue bonds. The governor shall transmit to the legislature on or before November 30 of each year a report on special purpose revenue bonds, defined in section 12 of Article VII of the Constitution, as of July 1 of …

PART IV. ASSISTING PROCESSING ENTERPRISES §39A‑111 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 improvem…

§39A‑112 Department powers as to processing 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: (1…

§39A‑113 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 such project from the laws, ordinances, and rules and regulations of the State or any polit…

§39A-114 Conditions precedent to negotiating and entering into a project agreement. (a) The department, prior to entering into negotiations with respect to a project agreement or at any time during negotiations, shall require that as a condition to the negotiations or the continu…

§39A-115 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 revenue bonds are to be issued. Any project agreement …

§39A‑116 Issuance of special purpose revenue bonds to finance projects. (a) In addition to the other powers which it may otherwise have, the department may issue special purpose revenue bonds to finance, in whole or in part, the costs of facilities of, or for, or to loan the proc…

§39A-117 Authorization of special purpose revenue bonds. (a) Special purpose revenue bonds for each project or multiproject 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; provi…

§39A‑118 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 such …

§39A‑119 Powers with respect to and security for special purpose revenue bonds. In order to secure the payment of any of the special purpose revenue bonds issued pursuant to this part, and interest thereon, or in connection with such bonds, the department shall have the power as …

§39A‑120 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 agreements entered into with respect to the project, an…

§39A‑121 Special purpose revenue bonds not a general obligation of 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 taxing power of the State to pay such bonds or the interest thereon and n…

§39A‑122 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 the…

§39A‑123 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: (1) To pay when due all special purpose revenue bonds…

§39A‑124 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 1981, c 121, pt of §2]

[§39A-124.5] Federal tax exempt status. Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be e…

§39A‑125 Exemption from taxation of department property. All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state and county taxation. Any right, title, and interest of the department in any project s…

§39A‑126 Refunding special purpose revenue bonds. The legislature, by act enacted 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 special pu…

§39A‑127 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 such special purpose revenue bonds shall be deemed to be investment …

§39A‑128 Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies,…

§39A‑129 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 the project party's financial records. Upon the request of the department for the examinat…

§39A‑130 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 the creation of new jobs and potential ef…

§39A‑131 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 be controlling. [L 1…

PART V. ASSISTING INDUSTRIAL ENTERPRISES §39A‑151 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 improveme…

§39A‑152 Department powers as to industrial 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: (1…

§39A‑153 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 such project from the laws, ordinances, and rules and regulations of the State or any polit…

§39A-154 Conditions precedent to negotiating and entering into a project agreement. (a) The department, prior to entering into negotiations with respect to a project agreement or at any time during negotiations, shall require that as a condition to the negotiations or the continu…

§39A-155 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 revenue bonds are to be issued. Any project agreement …