(a) Subject to section 1404(c)(5) and section 1414, the Corporation, as authorized by a Resolution, may issue Bonds in one or more series or tranches, or both, and at one or more times, including refunding Bonds at or before maturity, and the obligations are payable solely from the Trust Estate, and the Corporation has the power to provide for the authorization, securing, sale, and issuance of the Bonds and the Residual Certificate consistent with this Chapter. The Corporation may pledge the Trust Estate as security for the payment of all amounts payable under the initial Indenture, any supplemental Indenture, and other Indentures.(a) The concurrent issuance of the GERS Funding Note secured by the Residual Certificate is a condition concurrent to the issuance of the Initial Matching Fund Securitization Bonds.(b) The Corporation shall enter into an agreement with one or more underwriters or purchasers to sell the Initial Matching Fund Securitization Bonds in compliance with the Resolution, setting forth the principal amount of the Initial Matching Fund Securitization Bonds to be issued, the pricing and the proceeds expected from the issuance.(c) Any Bonds issued by the Corporation may be rated by any Nationally Recognized Statistical Rating Organization selected by the Corporation and, if so desired by the Corporation, may be insured with municipal bond insurance, if available and appropriate.(d) A Resolution must authorize and describe the terms of the Initial Matching Fund Securitization Bonds to be issued to finance the Corporation’s acquisition of the Matching Fund Receipts and the Related Rights. The Resolution must contain a statement of the board that the board has determined that the issuance of the Initial Matching Fund Securitization Bonds and the Residual Certificate is expected ultimately to result in increased receipts to the Government on a net present value basis, excluding the debt service reserve funds securing the Existing PFA Bonds, by way of the Residual Certificate as compared to the residual receipts that would have been expected to be available to the Government had the Existing Matching Fund Loan Notes and Existing PFA Bonds remained outstanding by taking advantage of the Corporation’s expected lower borrowing cost.(e) The Resolution of the board must stipulate the terms of the Bonds, and include including the following:(1) Whether the Bonds will be issued as Matching Fund Securitization Bonds or as Subordinate Lien Bonds;(2) The date a Bond bears;(3) The date a Bond matures and, if different, the other date on which a Bond may be paid;(4) Whether the Bonds are issued as current interest bonds, capital appreciation bonds, convertible, capital, appreciation bonds or a combination of them;(5) Whether the Bonds are issued as serial bonds, term bonds or as a combination of the two;(6) The denominations;(7) The interest rate or rates, to be payable semi-annually, all as provided in or determined pursuant to, authorization under the Resolution;(8) The method and terms of sale;(9) The method for payment;(10) Security for the Bonds;(11) The terms of redemption;(12) The establishment of debt service funds and the use of proceeds of the Bonds for costs of issuance, capitalized interest and otherwise in accordance with this chapter;(13) The terms of any Ancillary Agreements to be entered into in connection with the issuance of such Bonds;(14) The identity of the Trustee and other financing entities in connection with the issuance of the Bonds;(15) Whether the Corporation will seek a rating on the Bonds and whether the Bonds may be insured;(16) A statement as to whether a series of the Bonds is intended to be issued on a federally tax-exempt or taxable basis; and(17) A description of the use of the proceeds from the sale of the Bonds and provide for the payment of any closing financing costs and ongoing financing costs.(f) The Resolution must be irrevocable but may be amended on or after the date of issuance of the Bonds approved thereunder only in accordance with and subject to the limitations of the applicable Indenture and must remain in effect and unabated until the Bonds authorized by the Resolution have been paid in full and all amounts required to be paid to any financing entity are paid in full and all obligations thereunder have been performed in full.(g) Notwithstanding subsection (e) as needed to facilitate the issuance of the Bonds, the board may delegate to its chairperson the authority to prescribe the terms and conditions of each series of Bonds, including those referred to in subsection (f), but the terms and conditions of the Residual Certificate issued in connection with the purchase of the Matching Fund Receipts and the Related Rights must be consistent with the terms of the Sale Agreement.
(a) The concurrent issuance of the GERS Funding Note secured by the Residual Certificate is a condition concurrent to the issuance of the Initial Matching Fund Securitization Bonds.
(b) The Corporation shall enter into an agreement with one or more underwriters or purchasers to sell the Initial Matching Fund Securitization Bonds in compliance with the Resolution, setting forth the principal amount of the Initial Matching Fund Securitization Bonds to be issued, the pricing and the proceeds expected from the issuance.
(c) Any Bonds issued by the Corporation may be rated by any Nationally Recognized Statistical Rating Organization selected by the Corporation and, if so desired by the Corporation, may be insured with municipal bond insurance, if available and appropriate.
(d) A Resolution must authorize and describe the terms of the Initial Matching Fund Securitization Bonds to be issued to finance the Corporation’s acquisition of the Matching Fund Receipts and the Related Rights. The Resolution must contain a statement of the board that the board has determined that the issuance of the Initial Matching Fund Securitization Bonds and the Residual Certificate is expected ultimately to result in increased receipts to the Government on a net present value basis, excluding the debt service reserve funds securing the Existing PFA Bonds, by way of the Residual Certificate as compared to the residual receipts that would have been expected to be available to the Government had the Existing Matching Fund Loan Notes and Existing PFA Bonds remained outstanding by taking advantage of the Corporation’s expected lower borrowing cost.
(e) The Resolution of the board must stipulate the terms of the Bonds, and include including the following:(1) Whether the Bonds will be issued as Matching Fund Securitization Bonds or as Subordinate Lien Bonds;(2) The date a Bond bears;(3) The date a Bond matures and, if different, the other date on which a Bond may be paid;(4) Whether the Bonds are issued as current interest bonds, capital appreciation bonds, convertible, capital, appreciation bonds or a combination of them;(5) Whether the Bonds are issued as serial bonds, term bonds or as a combination of the two;(6) The denominations;(7) The interest rate or rates, to be payable semi-annually, all as provided in or determined pursuant to, authorization under the Resolution;(8) The method and terms of sale;(9) The method for payment;(10) Security for the Bonds;(11) The terms of redemption;(12) The establishment of debt service funds and the use of proceeds of the Bonds for costs of issuance, capitalized interest and otherwise in accordance with this chapter;(13) The terms of any Ancillary Agreements to be entered into in connection with the issuance of such Bonds;(14) The identity of the Trustee and other financing entities in connection with the issuance of the Bonds;(15) Whether the Corporation will seek a rating on the Bonds and whether the Bonds may be insured;(16) A statement as to whether a series of the Bonds is intended to be issued on a federally tax-exempt or taxable basis; and(17) A description of the use of the proceeds from the sale of the Bonds and provide for the payment of any closing financing costs and ongoing financing costs.
(1) Whether the Bonds will be issued as Matching Fund Securitization Bonds or as Subordinate Lien Bonds;
(2) The date a Bond bears;
(3) The date a Bond matures and, if different, the other date on which a Bond may be paid;
(4) Whether the Bonds are issued as current interest bonds, capital appreciation bonds, convertible, capital, appreciation bonds or a combination of them;
(5) Whether the Bonds are issued as serial bonds, term bonds or as a combination of the two;
(6) The denominations;
(7) The interest rate or rates, to be payable semi-annually, all as provided in or determined pursuant to, authorization under the Resolution;
(8) The method and terms of sale;
(9) The method for payment;
(10) Security for the Bonds;
(11) The terms of redemption;
(12) The establishment of debt service funds and the use of proceeds of the Bonds for costs of issuance, capitalized interest and otherwise in accordance with this chapter;
(13) The terms of any Ancillary Agreements to be entered into in connection with the issuance of such Bonds;
(14) The identity of the Trustee and other financing entities in connection with the issuance of the Bonds;
(15) Whether the Corporation will seek a rating on the Bonds and whether the Bonds may be insured;
(16) A statement as to whether a series of the Bonds is intended to be issued on a federally tax-exempt or taxable basis; and
(17) A description of the use of the proceeds from the sale of the Bonds and provide for the payment of any closing financing costs and ongoing financing costs.
(f) The Resolution must be irrevocable but may be amended on or after the date of issuance of the Bonds approved thereunder only in accordance with and subject to the limitations of the applicable Indenture and must remain in effect and unabated until the Bonds authorized by the Resolution have been paid in full and all amounts required to be paid to any financing entity are paid in full and all obligations thereunder have been performed in full.
(g) Notwithstanding subsection (e) as needed to facilitate the issuance of the Bonds, the board may delegate to its chairperson the authority to prescribe the terms and conditions of each series of Bonds, including those referred to in subsection (f), but the terms and conditions of the Residual Certificate issued in connection with the purchase of the Matching Fund Receipts and the Related Rights must be consistent with the terms of the Sale Agreement.