Issuance of Bonds. A. Each Bond Resolution of GBRA requires final approval by the WCID and shall specify the maximum principal amount and maximum interest rate of the series of Bonds to be issued thereunder, all material bond covenants and bond structure, which Bonds shall mature within forty (40) years from the date of issuance or such shorter period as determined by GBRA and shall bear interest not exceeding the maximum allowable rates, all as permitted by law, and each Bond Resolution shall contain such other terms and provisions pertaining to the security and payment of Bonds and the operation and maintenance of the Dam Facilities and other Project components as may be necessary for the marketing and sale of the Bonds. Subject to approval by the WCID, GBRA may from time to time issue its Bonds in such amounts as are necessary to achieve full implementation of the Project.
Appears in 5 contracts
