§ 17-381. Issuance of obligations.

(a)

The board of county commissioners shall have the power, and it is hereby authorized to provide by resolutions, for the appointment of a trustee, which trustee may have the right, power and authority to issue certificates. The equipment-lessor may also issue its lease revenue bonds in order to finance the acquisition of the equipment. The proceeds from the obligations may be deposited with the trustee and may be used to purchase equipment, establish a debt service reserve fund, pay interest on the certificates and pay costs of issuance.

(b)

The obligations shall be payable from payments made under a lease, proceeds of the obligations held by the trustee, moneys in the funds and accounts held by the trustee and moneys derived from the remedies exercised by the trustee in the event of nonappropriation or default. The obligations shall not constitute a direct obligation of the county and shall be payable solely from the moneys provided therefor in the trust agreement.

(c)

In conjunction with the appointment of a trustee and the issuance of obligations, the board of county commissioners is authorized to prepare, execute and deliver trust agreements. Any such trust agreement shall, among other things, set forth the conditions upon which the trustee may issue obligations, the form and details of the obligations, the duties of the trustee with regard to application of the proceeds of the obligations, provisions for the payment of the principal of, redemption premium, if any, and interest on the obligations, and such other terms and provisions as shall be approved by the parties thereto.

(Code 1965, § 1-105; Ord. No. 90-2, § 5, 2-19-90)