- (a) The authority may issue, from time to time, bonds to refund or to pay bonds, including the interest on the bonds, if such refunded bonds have been issued to finance local infrastructure projects, and whenever the authority considers refunding expedient, to refund any bonds by the issuance of new bonds, whether the bonds to be refunded have or have not matured, and to issue bonds partly to refund outstanding bonds and partly for any other of the authority's corporate purposes as long as the bonds to be refunded were issued to finance local infrastructure projects. With respect to any bonds issued for a local infrastructure project under this chapter, the cumulative terms of bonds and refunding bonds may not exceed fifty
- (50) years for any local infrastructure project or group of local infrastructure projects financed at the same time.
(b) A savings to the authority or to the participant issuing the bonds to be refunded is not required for the issuance of the refunding bonds or the issuance of bonds to refund refunding bonds. Refunding bonds issued under this section are payable solely from revenues and receipts derived from:
- (1) bonds of a participant;
- (2) financing agreements with the participant or users or developers of the facilities originally financed by the outstanding bonds, or related persons; or
(3) payments made under guaranty agreements by developers, users, or related persons.
The financing agreements or guaranties may be new financing agreements or guaranties or amendments of the original financing agreements or guaranties.
- (c) Refunding bonds issued under this section are not in any respect a general obligation of the authority, nor are the bonds payable in any manner from revenues raised by taxation, other than any local tax revenue securing or used to repay bonds of a participant.
As added by P.L.229-2017, SEC.18.