Section 31-18-9 - Commission's power of state-supported debtIn connection with state-supported debt, the commission shall have the power to:
(a) Enter into interest rate exchange or similar agreements with any person under such terms and conditions as the commission may determine, including, but not limited to, provisions as to default or early termination;(b) Procure insurance, letters of credit or other credit enhancement with respect to agreements described in paragraph (a) of this section;(c) Provide security for the payment or performance of its obligations with respect to agreements described in paragraph (a) of this section from such sources and with the same effect as is authorized by applicable law with respect to security for its bonds, notes or other obligations; however, any payment or performance of obligations with respect to agreements described in paragraph (a) of this section in connection with debt obligations which carry the full faith and credit of the state shall be subject to appropriation;(d) Modify, amend, or replace, such agreements described in paragraph (a) of this section; and(e) Because of the complexity of agreements described in paragraph (a) of this section, the commission may solicit the provision of such agreements on a competitive or negotiated basis with a competitive element included. Laws, 2003, ch. 522, § 56 eff. 4/19/2003.