48-6272. Authorization of revenue bonds; conditional expiration

(Conditionally Rpld.)

A. Subject to subsections D and E of this section, the district may issue negotiable revenue bonds pursuant to this article in a principal amount that is necessary to:

1. Provide sufficient monies for theme park purposes. The board may segregate any theme park purpose for separate financing, and may issue bonds separately or together, in one or more issues.

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

3. Issue refunding bonds if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.

4. Refund any bonds issued by the district if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds, whether the bonds to be refunded have or have not matured.

5. Issue bonds partly to refund outstanding bonds and partly for any theme park purpose consistent with this article.

B. Bonds issued pursuant to this article shall not exceed an outstanding principal amount of one billion dollars, except for refunding bonds and other bonds issued to refund outstanding bonds of the district.

C. The board shall authorize the bonds by resolution. The resolution shall prescribe:

1. The district's revenue sources that are pledged and dedicated to secure the bonds.

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

3. The date or dates of the bonds and maturity, which shall be within thirty years after the date of issuance.

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.

D. The board shall not issue bonds under this article unless it receives irrevocable and legally enforceable financial participation commitments from private nongovernmental entities for theme park purposes, including from new market tax credits, in an amount equal to twenty per cent of the principal amount of the bond issue.

E. The authority of the board of directors to issue bonds under this article expires if the board fails to issue any bonds on or before December 31, 2020.