Section 917.4 - Issuance of bonds and security(a) Issuance.--The authority shall consider issuance of bonds upon application by the department. Bonds issued under this article shall be subject to the provisions of the Financing Law, unless otherwise specified by this article.(b) Agreements.--The authority and the department may enter into loan agreements, credit agreements, bond purchase agreements and other contracts, instruments and agreements in connection with the bonds in order to effectuate the purposes of the Financing Law and this article.(c) Security.--The bond obligations and bond administrative expenses are secured, for the benefit of the holders of the bonds and the obligees under any agreements in subsection (b), by pledge of, security interest in and first lien on all of the following:(1) Additional contributions collected under section 301.6.(2) Moneys on deposit in the Debt Service Fund. This paragraph includes all investment income on those moneys.(3) All moneys relating to the bonds held on deposit in any other fund or account under an instrument or agreement pertaining to the bonds. This paragraph includes bond reserves and interest income on the moneys. The security provided in this subsection does not apply to moneys in any fund or account related to arbitrage rebate obligations.
Added by P.L. 577 2012 No. 60, § 17, eff. 6/12/2012.