LD 1177
pg. 13
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LR 1057
Item 1

 
cost, additional securities, in like manner, may be issued to
provide the amount of the deficiency and, unless otherwise
provided in the authorizing resolution or in the trust agreement
securing the securities, are deemed to be of the same issue and
are entitled to payment from the same fund without preference or
priority of the securities first issued for the same purpose.__
The resolution providing for the issuance of securities and any
trust agreement securing the securities may contain such
limitations upon the issuance of additional securities as the
board may consider proper.__Additional securities must be issued
under such restrictions and limitations as may be prescribed by
the resolution or trust agreement.__The board may provide for
the replacement of any securities that become mutilated,
destroyed, stolen or lost.__Securities may be issued under this
Act without the board's obtaining the consent of any department,
division, commission, board, bureau or agency of the State and
without any other proceedings or conditions other than those
proceedings or conditions that are specifically required by this
Act.

 
7.__Use of proceeds.__The proceeds of the securities of each
issue must be used for the payment of all or part of the cost
of the project, projects or part of any project for which they
are authorized and must be disbursed in such manner and under
such restrictions as are provided in the resolution
authorizing the issuance of the bonds or in the trust
agreement securing the securities.__Proceeds may be used to
pay all costs incurred in issuing the securities and interest
on the securities for such time as may be authorized by the
board, subject to the provisions of this Act, and to establish
reserve funds and sinking funds for the securities.

 
8.__Interim or temporary securities.__Prior to the
preparation of definitive securities, the board may, under
like restrictions, issue interim or temporary securities with
or without coupons, exchangeable for definitive securities
when those securities are executed and are available for
delivery.

 
9.__Securing of principal and interest.__The principal of
and interest on any securities issued by the board, together
with any related costs and expenses, must be secured by a
pledge of the revenues and receipts derived by the board from
the project, projects or part of any project financed and from
such other revenues of the board as may be specially pledged
by the board and may be secured by a mortgage covering all or
any part of the project, projects or part of any project,
including any enlargements of and additions to the project,
projects or part of any project made.__The resolution under
which the securities may be issued and any mortgage may
contain any agreements and provisions respecting the
maintenance of the project, projects or part of any project
covered; the fixing and collection of rents,


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