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these improvements do not exceed 5% of the appraised value of | | the acquired property; |
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| | | C.__Manage lands for the purposes set forth in this chapter; | | and |
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| | | D.__Pay the expenses of the board in carrying out its | | responsibilities. |
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| | | §6414.__Leasing or renting property by board |
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| | | For the purposes of this chapter, the board may lease, rent, | | assign or otherwise dispose of a project, projects or part of any | | project only to the State, any agency, instrumentality or | | department of the State or branch of State Government or any | | related agency of state, county or local government.__Revenues | | derived by the board from any lease or rental agreement must be | | used, as necessary, to pay the principal, interest and other | | associated costs on or with respect to any securities issued | | pursuant to this chapter. |
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| | | §6415.__Issuance of securities |
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| | | 1.__Resolution for issuance of securities.__The board may | | provide by resolution, at one time or from time to time, for the | | issuance and sale of securities in the board's own name for the | | purpose of paying the cost of any project, projects or part of | | any project or the refinancing of existing indebtedness approved | | by the board.__Securities of the board may not be authorized and | | issued except pursuant to a resolution adopted by the vote of not | | less than a majority of the members of the board.__The resolution | | must describe the general purpose or purposes for which the | | securities are to be issued and state the maximum principal | | amount of the securities proposed to be issued.__Securities may | | not be issued by the board without a majority vote of approval in | | each House of the Legislature. |
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| | | 2.__Limitation on securities issued.__The board may not issue | | securities in excess of $200,000,000 outstanding at any one time, | | except for the issuance of revenue refunding securities | | authorized by section 6419.__The amount of securities that may be | | outstanding in the name of the board may be increased by the | | Legislature upon a showing by the board that its available | | revenues are sufficient to support additional issuance of | | securities and that the issuance of securities will not | | materially impair the credit standing of the board, the |
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