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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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| | | §6421.__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 6425.__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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