15-2081. Authorization of state school improvement revenue bonds; expiration

A. The school facilities board may issue revenue bonds in a principal amount not to exceed eight hundred million dollars pursuant to this article. The school facilities board may also issue qualified zone academy bonds within the meaning of section 1397e of the United States internal revenue code of 1986 or successor provisions pursuant to this article in a principal amount not to exceed twenty million dollars. The qualified zone academy bonds shall be separately accounted for within the school improvement revenue bond proceeds fund established by section 15-2083. All bonds authorized by this section may be issued for the following purposes:

1. To provide monies to pay the cost of:

(a) Correcting existing deficiencies as prescribed by section 15-2021.

(b) Bond related expenses including any expenses incurred by the school facilities board to issue and administer its bonds including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying agent fees, transfer agent fees, legal, accounting, feasibility consultant and other professional fees and expenses, bond insurance or other credit enhancements or liquidity facilities, attorney and accounting fees and expenses related to credit enhancement, bond insurance or liquidity enhancement, remarketing fees, rating agency fees and costs, travel and telephone expenses and all other fees considered necessary by the school facilities board in order to market and administer the bonds.

2. To fully or partially fund any reserves or sinking accounts established by the bond resolution.

B. The school facilities board shall authorize the bonds by resolution. The resolution shall prescribe:

1. The fixed or variable rate or rates of interest, the date or dates on which interest is payable and the denominations of the bonds.

2. The date or dates of the bonds and maturity, within twenty years after the date of issuance.

3. The form of the bonds.

4. The manner of executing the bonds.

5. The medium and place of payment.

6. The terms of redemption, which may provide for a premium for early redemption.

C. The bonds issued pursuant to this article shall be known as state school improvement revenue bonds.

D. The authority of the school facilities board to issue school improvement revenue bonds pursuant to this article expires from and after June 30, 2003, except for bonds issued to refund any bonds issued by the board.