(1) Any county is authorized to enter into agreements with the state or any of its agencies or departments, any of its political subdivisions, any agency or department of the United States, or any person with respect to any project in order to facilitate the financing, acquisition, and construction of such project and to promote the purposes of this part 5. Such agreements may be for a term covering the life of a project, for any other term, or for any indefinite period. Pursuant to any such agreement, counties or persons may obligate themselves to make payments in amounts which shall be sufficient to enable such counties or persons to pay their expenses and the interest and principal payments (whether at maturity or upon sinking fund redemption) for any bonds issued pursuant to this part 5, to maintain reasonable reserves for debt service, operation and maintenance, and renewals and replacements, and to meet the requirements of any rate covenant with respect to debt service coverage contained in any resolution, trust indenture, or other security instrument.
(2) The obligations of a governmental agency or persons under an agreement with the county or arising out of the default by any other purchaser with respect to such an agreement shall not be construed to constitute debt of the governmental agency or persons. To the extent provided in agreements with the county, such obligations shall constitute special obligations of the governmental agency or persons and shall be payable solely from the revenues and other moneys derived by the governmental agency or persons.
Source: L. 82: Entire part added, p. 489, § 1, effective July 1.