§ 24-75-905 — Authority to issue and sell notes

(1) The state treasurer, on
behalf of the state, may, by resolution, issue from time to time and sell notes
payable from the anticipated revenue of any fund in order to accomplish any of the
purposes of this part 9. The proceeds of the notes may be applied for the payment
of the costs of issuing the notes, for the payment of any expenditure otherwise
payable from the revenue of the fund upon which the notes are issued, for the
payment of the principal of, the interest on, or any premium due in connection with
the redemption, purchase, or payment of any notes, or for the payment of any
combination thereof. Pending such application, such proceeds may be invested or
deposited as provided in this part 9.

(2) The state treasurer has the following powers in order to accomplish any
of the purposes of this part 9, in addition to the powers otherwise granted by law:

(a) To use the seal of the state treasurer;

(b) To issue notes for the purposes provided in this part 9;

(c) To adopt resolutions;

(d) To engage the services of consultants, financial advisors, underwriters,
attorneys, paying agents, registrars, remarketing agents, indexing agents,
depositories, and other agents whose services may be required in connection with
the notes;

(e) To enter into contracts and agreements in connection with the notes,
including but not limited to contracts with persons specified in paragraph (d) of this
subsection (2) and contracts providing for the purchase or repurchase of the notes;
and

(f) To do all things necessary and convenient to carry out the purposes of
this part 9 and in connection with the issuance of notes.

(3) The controller and the director of the office of state planning and
budgeting shall, at the request of the state treasurer, assist and advise the state
treasurer concerning the amount of notes to be issued and the terms and conditions
under which the notes are to be issued.

Legislative History

Source: L. 86: Entire part R&RE, p. 968, � 1, effective July 1.