Issuance of Bonds, Notes and Other Indebtedness. The Authority may issue bonds, notes or other forms of indebtedness if such issuance is approved at a meeting of the Members by two-thirds of all of the Members and by Members who cumulatively have at least seventy-five percent (75%) of the Maximum Annual Table A Amounts, of all of the Members. Bonds, notes or other forms of indebtedness to be issued for Specific Projects must also be approved by the Members who are parties to the Project Agreement by the vote required for such indebtedness set forth in the Project Agreement. The Secretary shall notify all of the Members by certified mail, return receipt requested, of the approval for incurring of such indebtedness within ten (10) days after its approval. Any Member may within thirty (30) days of the receipt of such notice withdraw from this Agreement by giving written notice to the General Manager, provided that such withdrawal does not in any way impair any contracts, or other indebtedness of the Authority then in effect. This right to withdraw is in addition to the Member’s right to withdraw set forth in Section 13.1 (Withdrawal of Membership). No such bonds, notes or indebtedness shall be issued before the expiration of the time given in this Section to Members to withdraw from this Agreement.
Issuance of Bonds, Notes and Other Indebtedness. CVCC may issue bonds, notes or other forms of indebtedness if such issuance is approved by two-thirds (2/3) vote of the Commission.
