For the purpose of paying all or part of the cost of acquisition, construction, reconstruction, improvement, betterment, or extension of properties for state parks, state campgrounds, state recreation areas, and reserves, as described in subsection 2 of section 55-08-07, which may be authorized by the legislative assembly, the money may be borrowed on the credit of the revenues to be received in the state park fund. The borrowing must be authorized by a board consisting of the governor, the state treasurer, and the director of the parks and recreation department, by resolution or resolutions duly adopted by the vote of a majority of all members of the board. In anticipation of the collections of the revenues, negotiable bonds may be issued in an amount as, in the opinion of the board, may be necessary for that purpose, within the limits of the authority granted by the legislative assembly in each instance, and the board may provide for the payment of the bonds and the rights of the holders of the bonds as provided in this chapter. The bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty years from their date, may be in such denomination or denominations, may be in such form, either coupon or fully registered or registered as to ownership or principal, may carry such registration and conversion privileges, may be executed in such manner, may be payable in such medium of payment at such place or places, may be subject to such terms of redemption with or without premium, and may bear such rate or rates of interest, as may be provided by resolution or resolutions to be adopted by the board, subject to this section. The bonds may be sold in such manner and at such price or prices, not less than ninety-eight percent of par plus accrued interest to date of delivery, as may be considered by the board to be advisable. The bonds must have all of the qualities and incidents of negotiable paper, and the bonds and the income from the bonds are exempt from any taxes, except inheritance, estate, and transfer taxes. The board may in its discretion authorize one series of bonds hereunder for more than one project, at more than one state park, state campground, state recreation area, or reserve. It may also issue series of bonds hereunder for the refunding of outstanding bonds issued hereunder when such action is desirable in its judgment and is consistent with the terms of the resolution or resolutions authorizing the outstanding bonds.
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