TITLE 35

Public Finance

CHAPTER 35-8.1

Refunding Bond Authority

SECTION 35-8.1-2



   § 35-8.1-2  Legislative findings. –

The general assembly hereby finds, declares, and observes that the:



   (1) State issued its general obligation bonds dated May 1,

1984, in the aggregate principal amount of thirty million dollars ($30,000,000)

pursuant to statutory authorities approved by the electorate of the state, and

the state issued its general obligation bonds dated June 28, 1985, in the

aggregate principal amount of ninety million dollars ($90,000,000) pursuant to

statutory authorities approved by the electorate of the state;



   (2) 1984 and 1985 bonds bear interest at a rate in excess of

current interest rates and the general assembly has determined that it would be

in the best interests of the people of the state to obtain funds to pay,

redeem, or retire the 1984 and 1985 bonds with bonds bearing a lower rate of

interest;



   (3) Statutory authorities previously approved do not provide

authorization for the issuance of general obligation refunding bonds of the

state; and



   (4) General assembly desires to create an authority with the

power to issue bonds to provide funds to loan to the state so that the state

can pay, redeem, or retire the 1984 and 1985 bonds.



   (5) Furthermore, the general assembly desires to consolidate

debt issuing authorities and create administrative savings as a result of such

consolidations. To accomplish this desire, on July 1, 1997, the public

building authority shall be eliminated as an entity and its functions, powers,

rights, duties and liabilities shall be transferred to the authority pursuant

to the provisions of this chapter.



History of Section.

(P.L. 1987, ch. 12, § 1; P.L. 1994, ch. 70, art. 16, § 1; P.L. 1994,

ch. 410, § 1; P.L. 1997, ch. 30, art. 2, § 4.)