§ 35-466.03 – Limitations on issuance of notes
35-466.03. Limitations on issuance of notes The amount of such notes secured by grant revenues issued by the issuer shall not exceed the aggregate of all uncollected grant revenues to be received by the governing body under the terms of the applicable grant agreement or agreements.
§ 35-466.04 – Application of grant revenues; principal and interest redemption fund; payment of notes
35-466.04. Application of grant revenues; principal and interest redemption fund; payment of notes Upon the issuance of any grant anticipation notes, all grant revenues received by the issuer pursuant to the applicable grant agreement shall be collected and paid into a special fund to be known as the grant anticipation note principal and interest redemption […]
§ 35-466.05 – Investment of note proceeds; period of investment covenants
35-466.05. Investment of note proceeds; period of investment covenants A. Note proceeds may be invested in any of the following securities: 1. Bonds or other evidences of indebtedness of the United States of America or any of its agencies or instrumentalities when such obligations are guaranteed as to principal and interest by the United States […]
§ 35-466.06 – Use of proceeds
35-466.06. Use of proceeds The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made, the legal and financial costs and […]
§ 35-466.07 – Rights of holders
35-466.07. Rights of holders The holder of any grant anticipation note may, in the holder’s own name and on the holder’s own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.
§ 35-466.08 – Prohibition against obligating state or political subdivisions; payment from grant revenues
35-466.08. Prohibition against obligating state or political subdivisions; payment from grant revenues The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall […]
§ 35-466.01 – Grant anticipation notes
35-466.01. Grant anticipation notes After any issuer has entered into one or more grant agreements, its governing body may issue and sell grant anticipation notes, the principal and interest on which are to be paid solely from the grant revenues to be received under the terms of such grant agreement or agreements. The governing body […]
§ 35-466.02 – Form of notes
35-466.02. Form of notes The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates not later than thirty days after the last date the grant revenues are to be received under the terms of the grant agreement or agreements, or […]
§ 35-466 – Definitions
35-466. Definitions In this article, unless the context otherwise requires: 1. " Governing body" means the body constituted by law to be the governing board of the issuer. 2. " Grant agreement" means any written agreement entered into with the issuer and the United States of America or any of its departments or agencies by […]