The commission is authorized to request the State Fiscal Accountability Authority to issue state highway bonds. In order to effect the issuance of bonds pursuant to this article, the State Fiscal Accountability Authority may adopt a resolution providing for the issuance of state highway bonds, upon written request by the commission, and may transmit a certified copy thereof to the Governor and to the State Treasurer, with the request that they issue and deliver state highway bonds in accordance with the terms and conditions of such resolution. Such resolution shall set forth the:

(1) the amount, denomination, and numbering of state highway bonds to be issued;

(2) the date as of which the same shall be issued;

(3) the maturity schedule for the retirement of such state highway bonds;

(4) the redemption provisions, if any, applicable to such bonds;

(5) the maximum rate or rates of interest the bonds shall bear;

(6) the purposes for which the bonds are to be issued;

(7) the occasion on which bids shall be received for the sale of such bonds;

(8) the form of advertisement of sale;

(9) the form of the bonds of the particular issue; and

(10) such other matters as may be deemed necessary in order to effect the sale, issuance, and delivery thereof.

Such resolution shall further set forth a finding on the part of the State Fiscal Accountability Authority that the actual receipts, for the preceding fiscal year, from the sources of revenue equaled or exceeded the maximum annual debt service requirements for all state highway bonds then outstanding and state highway bonds then proposed to be issued.

HISTORY: 1962 Code Section 33-278; 1972 (57) 3088; 1973 (58) 36; 1993 Act No. 181, Section 1524.