Any bonds issued by a public body may be denominated in a foreign currency, but only if, at the time of the issuance of the bonds, the public body which issues them enters into one or more foreign exchange agreements, forward exchange agreements, foreign currency exchange agreements, or other similar agreements with a bank or other financial institution, foreign or domestic, the senior unsecured long-term debt obligations of which are rated in one of the highest two rating categories by Moody's Investors Service, Inc. or Standard & Poor's Corporation or another similar nationally recognized securities rating agency, to protect the public body against the risk of a decline in the value of the United States dollar in relation to the foreign currency in which the bonds are denominated. Such agreements shall contain a provision that protects against the risk of a decline in the value of the United States dollar with respect to the interest on the bonds and the principal of the bonds to the maturity or redemption thereof. The costs of such agreements, including without limitation periodic fees and other amounts due to the other party or parties to such agreements, may be paid by the public body from the proceeds of the bonds and other revenues of the public body.
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