PUBLIC UTILITY BOND FINANCING
374-C:18 Effectuation of Purposes.
In order to effectively carry out its purpose under this chapter of making loans to public utilities by purchase of the utility bonds of such public utilities, and by receipt of its income from service charges and from payments of interest on and the maturing principal of utility bonds purchased and held by it, and in order to produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the bank shall at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to public utilities by the purchase of utility bonds of public utilities so that the aforesaid intention and purpose is achieved without in any manner or respect jeopardizing any rights of the holders of bonds or notes of the bank or affecting other matters provided for in or pursuant to this chapter.
Source. 1979, 498:2, eff. Sept. 4, 1979.