(1) (a) Subject to the prior approval of the correctional industries advisory committee acting by resolution in accordance with the provisions of section 17-24-104 (5) and from both houses of the general assembly acting either by bill or joint resolution, the division may, in accordance with the requirements of subsection (2) of this section, authorize and issue revenue bonds in an amount not to exceed one million dollars in the aggregate for expenses of the division.
(b) All bonds issued by the division shall provide that:
No holder of any such bond may compel the state or any subdivision thereof to exercise its appropriation or taxing power; and
The bond does not constitute a debt of the state and is payable only from the netrevenues allocated to the division for expenses as designated in such bond.
Any bonds issued pursuant to the terms of this section may be sold at public orprivate sale. If bonds are to be sold at a public sale, the division shall advertise the sale in such manner as the general assembly authorizes by bill or joint resolution. All bonds issued pursuant to the terms of this section shall be sold at a price not less than the par value thereof, together with all accrued interest to the date of delivery.
Notwithstanding any provisions of the law to the contrary, all bonds issued pursuantto this section are negotiable.
Bonds issued under this section shall be valid and binding obligations, regardless ofwhether, prior to the delivery thereof and payment therefor, any or all of the persons whose signatures appear thereon have ceased to serve in their official capacities.
(a) Except as otherwise provided in a resolution authorizing bonds pursuant to the provisions of section 17-24-104 (5), all bonds of the same issue under this section shall have a prior and paramount lien on the net revenues pledged therefor.
(b) Bonds of the same issue or series issued under this section shall be equally and ratably secured, without priority by reason of number, date, sale, execution, or delivery, by a lien on the net revenue pledged in accordance with the terms of the resolution authorizing the bonds.
Source: L. 94: Entire section added, p. 315, § 3, effective March 22.