§ 13-14. Borrowing.

(a) In general.

(1) Subject to the requirements of this section, the Authority may engage in borrowings in furtherance of its purposes and powers.

(2) No borrowing may involve the issuance by the Authority of any public bonds.

(b) Security for a borrowing.

The Authority may secure any borrowing to the fullest extent permitted by the Enabling Act.

(c) Required approvals.

(1) Each borrowing must be approved by resolution of the Authority's Board of Directors in accordance with the procedures in the Enabling Act for the approval of revenue bonds.

(2) Each borrowing must also be approved by the Board of Estimates and the Board of Finance, which approval must specify all material matters with respect to the borrowing (e.g., issue date, maturity, interest rate, terms, form, denominations, manner of execution, place of payment, redemption, refunding, and security provided).