39-2928.

Obligation; issuance; procedure.

(1) Prior to issuance, an obligation shall be authorized by a resolution of the commission specifying the principal amount, purpose, interest rate or rates, maturities of not to exceed forty years, redemption provisions, and all other terms of the obligation.

(2) The commission may delegate execution and sale authority to any designated issuing authority.

(3) Bond proceedings may include:

(a) A trust indenture or similar agreement that establishes pledges of revenue, covenants, reserve requirements, and flow-of-funds structures;

(b) Authorization for refunding or advance refunding;

(c) Creation of special funds and reserve accounts; and

(d) Appointment of trustees, paying agents, and financial advisors as needed.