34A-14 PETROLEUM ENVIRONMENTAL COMPLIANCE AUTHORITY
PETROLEUM ENVIRONMENTAL COMPLIANCE AUTHORITY
Establishment of public authority to issue revenue bonds and make loans--Powers--Immediate funding and completion of capital investments.
Definition of terms.
Creation of Petroleum Environmental Compliance Authority.
Members of board of directors of authority--Appointment.
Quorum of board--Vote by majority.
Powers of authority.
Additional powers of authority to make loans and investments.
Additional powers of authority to borrow funds and issue bonds.
Bonds payable solely out of authority's revenue--Exception--Inspection fee--Additional security.
Obligations payable solely from revenue and assets of authority--Statement on face--Authority revenue bonds not general obligations of state.
Bonds--Authorization and maturation--Application of other state laws--Sale.
Lien of pledge made by authority--Validity--Recording of pledge not required.
Purchase and canceling of bonds, loans, or other obligations by authority--Reasonable price.
Security of bonds by trust indenture or other agreement--Protecting and enforcing
rights of bondholders--Payment and disbursement--Expenses.
Bonds deemed negotiable instruments.
Validity of signature of board member or officer leaving position prior to delivery.
Persons executing bonds not personally liable.
Pledge and agreement of state not to limit rights of authority or bondholders until
Conflict of interest of member or employee of authority--Disclosure--Participation
prohibited--Officer or owner of organization.
Payment of tax on property owned by authority not required--Obligations free from
Bonds and notes of authority made securities subject to investment and deposit.
Remaining assets of dissolved authority inure to benefit of state.
Authority to issue bonds and pledge security--Pledge from secretary.
Report--Deadline for submission--Contents.