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used, as necessary, to pay the principal, interest and other | | associated costs on or with respect to any securities issued | | pursuant to this chapter. |
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| | | §6413.__Issuance of securities |
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| | | 1.__Resolution for issuance of securities.__The board may | | provide by resolution, at one time or from time to time, for | | the issuance and sale of securities in the board's own name | | for the purpose of paying the cost of any project, projects or | | part of any project or the refinancing of existing | | indebtedness approved by the board.__Securities of the board | | may not be authorized and issued except pursuant to a | | resolution adopted by the vote of not less than a majority of | | the members of the board.__The resolution must describe the | | general purpose or purposes for which the securities are to be | | issued and state the maximum principal amount of the | | securities proposed to be issued.__Securities may not be | | issued by the board without a majority vote of approval in | | each House of the Legislature. |
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| | | 2.__Limitation on securities issued.__The board may not | | issue securities in excess of $200,000,000 outstanding at any | | one time, except for the issuance of revenue refunding | | securities authorized by section 6417.__The amount of | | securities that may be outstanding in the name of the board | | may be increased by the Legislature upon a showing by the | | board that its available revenues are sufficient to support | | additional issuance of securities and that the issuance of | | securities will not materially impair the credit standing of | | the board, the investment status of securities issued by the | | board or the ability of the board to fulfill its commitments | | to__holders of securities.__Nothing in this chapter may be | | construed to authorize the board to issue securities to fund | | the construction, reconstruction, purchase or acquisition of | | facilities without a majority vote of approval in each House | | of the Legislature. |
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| | | 3.__After issuance.__After issuance, all securities of the | | board must be conclusively presumed to be fully and duly | | authorized and issued under the laws of the State, and any | | person or governmental unit is estopped from questioning their | | authorization, sale, issuance, execution or delivery by the | | board. |
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| | | 4.__Form of securities.__The securities of each issue must | | be dated and mature at such time or times not exceeding 40 | | years from their date or dates and bear interest at such rate | | or rates, including variable, floating or adjustable rates, as | | may be |
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