The general assembly finds and declares that interest rate exchange agreements can be used to reduce net borrowing costs, to achieve desirable net effective interest rates in connection with the issuance and sale of public securities, and to provide an efficient means of debt management. Source: L. 92: Entire article added, p. 949, § 1, […]
As used in this article, unless the context otherwise requires: “Proposed public securities” means public securities for which a public entity has: Entered into a binding sale contract subject to customary conditions; or Received voter approval pursuant to section 20 of article X of the state constitution. “Public entity” means any of the following entities: […]
A public entity may enter into an agreement for an exchange of interest rates, cash flows, or payments as provided in this section if it finds that such an agreement would be in the best interests of the public entity. In entering into any agreement under this section, the public entity shall give consideration to […]
The powers conferred by this article shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this article shall not directly or indirectly modify, limit, or affect the powers conferred by any other law. Nothing in this article shall be construed to limit the powers of home rule […]
This article shall be liberally construed so that the legislative intent may be fulfilled. Source: L. 92: Entire article added, p. 952, § 1, effective April 29.
