37-104-15 - Investigation by Authority.
§ 37-104-15. Investigation by Authority.
The Authority is hereby authorized and directed, upon receipt from the governing board of any private institution of higher learning of said resolution, to proceed forthwith to make such investigation as it shall deem necessary and proper in order to determine that the private institution of higher learning reasonably shall be expected to produce sufficient revenues over a period not exceeding twenty-five (25) years to retire the revenue bonds issued for the financing or refinancing of the educational facility project as herein authorized, as well as the interest thereon and a reasonable sum for the maintenance, renewal and replacement of such educational facility or facilities or parts thereof, so long as said revenue bonds are outstanding.
Sources: Laws, 1985, ch. 480, § 8; reenacted, 1991, ch. 592, § 8; reenacted, 1993, ch. 520, § 8, eff from and after July 1, 1993.