FEDERAL HIGHWAY GRANT ANTICIPATION BONDS
228-A:4 Credit Facilities and Insurance.
Any bonds issued under authority of this chapter may be issued pursuant to lines of credit or other banking arrangements under such terms and conditions not inconsistent with this chapter, and under such agreements with the purchasers or makers thereof, as the treasurer may determine to be in the best interests of the state. In addition to other security provided herein or otherwise by law, bonds issued by the state under this chapter may be secured, in whole or in part, by insurance or by letters or lines of credit or other credit facilities issued to the state by any bank, trust company, or other financial institution, within or without the state, and the state may pledge or assign any of the revenues as security for the reimbursement by the state to the issuers of such letters or lines of credit, insurance, or credit facilities of any payments made thereunder.
Source. 2005, 58:1, eff. July 1, 2005.