The board is authorized to request the state board to issue transportation infrastructure bonds. In order to effect the issuance of bonds pursuant to this article, the state board may adopt a resolution providing for the issuance of transportation infrastructure bonds, upon written request by the board, and may transmit a certified copy thereof to the Governor and to the State Treasurer, with the request that they issue and deliver transportation infrastructure bonds in accordance with the terms and conditions of such resolution. This resolution must set forth:
(1) the amount, denomination, and numbering of transportation infrastructure bonds to be issued;
(2) the date as of which the same shall be issued;
(3) the maturity schedule for the retirement of the transportation infrastructure bonds;
(4) the redemption provisions, if any, applicable to the bonds;
(5) the maximum rate or rates of interest the bonds shall bear;
(6) the purposes for which the bonds are to be issued;
(7) the occasion on which bids shall be received for the sale of the bonds;
(8) the form of advertisement of sale;
(9) the form of the bonds of the particular issue; and
(10) such other matters as may be considered necessary in order to effect the sale, issuance, and delivery thereof.
HISTORY: 1997 Act No. 148, Section 2.