(1) The state treasurer, on behalf of the state, may, by resolution, issue from time to time and sell notes payable from the anticipated revenue of any fund in order to accomplish any of the purposes of this part 9. The proceeds of the notes may be applied for the payment of the costs of issuing the notes, for the payment of any expenditure otherwise payable from the revenue of the fund upon which the notes are issued, for the payment of the principal of, the interest on, or any premium due in connection with the redemption, purchase, or payment of any notes, or for the payment of any combination thereof. Pending such application, such proceeds may be invested or deposited as provided in this part 9.
(2) The state treasurer has the following powers in order to accomplish any of the purposes of this part 9, in addition to the powers otherwise granted by law:
To use the seal of the state treasurer;
To issue notes for the purposes provided in this part 9;
To adopt resolutions;
To engage the services of consultants, financial advisors, underwriters, attorneys,paying agents, registrars, remarketing agents, indexing agents, depositories, and other agents whose services may be required in connection with the notes;
To enter into contracts and agreements in connection with the notes, including butnot limited to contracts with persons specified in paragraph (d) of this subsection (2) and contracts providing for the purchase or repurchase of the notes; and
To do all things necessary and convenient to carry out the purposes of this part 9 andin connection with the issuance of notes.
(3) The controller and the director of the office of state planning and budgeting shall, at the request of the state treasurer, assist and advise the state treasurer concerning the amount of notes to be issued and the terms and conditions under which the notes are to be issued.
Source: L. 86: Entire part R&RE, p. 968, § 1, effective July 1.
Editor's note: This section is similar to former § 24-75-905 as it existed prior to 1986. 24-75-906. Limitation on amount of notes. The principal amount of notes payable from any fund shall be limited to fifty percent of the amount of revenue anticipated but not yet credited to the fund for the applicable fiscal year.
Source: L. 86: Entire part R&RE, p. 969, § 1, effective July 1.
Editor's note: This section is similar to former § 24-75-906 as it existed prior to 1986.