Before the issuance of general obligation debt, the Research Centers of Excellence Review Board shall provide the Joint Bond Review Committee and the state board the following:
(1) a description of each research infrastructure project for which general obligation debt is requested to be issued;
(2) a certification by the Research Centers of Excellence Review Board that the provisions of Section 11-51-70 have been met, that the source of funding has been identified, and that each research infrastructure project complies with the provisions of this chapter;
(3) the total cost of each research infrastructure project and the principal amount of general obligation debt requested to be issued;
(4) a tentative time schedule setting forth the period of time during which the proceeds of the general obligation debt requested to be issued will be expended;
(5) a debt service schedule showing the annual principal and interest requirements, at a projected current rate of interest, on the requested general obligation debt;
(6) the total amount of the general obligation debt issued pursuant to this chapter; and
(7) a debt service schedule showing the principal and interest requirements for the general obligation debt outstanding and the proposed general obligation debt at a projected current rate of interest.
HISTORY: 2004 Act No. 187, Section 9.
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