(A) The State Fiscal Accountability Authority, by resolution duly adopted, may make provision for the issuance of turnpike bonds. In the resolution, the State Fiscal Accountability Authority may prescribe:

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

(2) the date as of which they must be issued;

(3) the maturity schedule for the retirement of the turnpike bonds;

(4) the form or forms of the bonds of the particular issue;

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

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

(7) the specific purposes for which the bonds must be issued;

(8) the purposes for which the proceeds of the bonds must be expended, in the discretion of the State Fiscal Accountability Authority, a portion of the proceeds may be used as capitalized interest during the period of construction and initial operation and for the creation of appropriate debt service reserves;

(9) the method and conditions by which turnpike revenues from the turnpike facility so financed must be collected and utilized;

(10) the extent to which and the conditions under which additional parity bonds may be issued;

(11) any covenant considered necessary protecting the turnpike facility so financed from possible future competition from other highways or comparable facilities;

(12) the method by which the bonds must be sold and such other matters as may be considered necessary in order to effect the sale, issuance, and delivery of the bonds.

(B) Except as otherwise provided in this article, all expenses incurred in carrying out the provisions of this article are payable solely from funds provided under the authority of this article or from any funds provided by the federal government or from other special sources and no liability or obligation may be incurred by the department beyond the extent to which money has been provided under the provisions of this article.

(C) The resolution shall set forth further a finding on the part of the State Fiscal Accountability Authority that the estimate of turnpike facility revenues made by the commission and approved by the State Fiscal Accountability Authority indicates that collection from turnpike revenues for applicable fiscal years is not less than that required for annual debt service requirements of the requested turnpike bonds.

HISTORY: 1980 Act No. 449; 1985 Act No. 201, Part II, Section 84D; 1993 Act No. 181, Sections 1518, 1519; 1996 Act No. 458, Part II, Section 92E.