Bonds issued pursuant to the authority granted under RCW 28B.20.395: (1) Shall not constitute (a) an obligation, either general or special, of the state or (b) a general obligation of the University of Washington or of the board of regents; (2) Shall be: (a) Either in bearer form or in registered form as provided in RCW 39.46.030, and (b) Issued in denominations of not less than one hundred dollars; (3) Shall state: (a) The date of issue, and (b) The series of the issue and be consecutively numbered within the series, and (c) That the bond is payable only out of a special fund established for the purpose, and designate the fund; (4) Shall bear interest, payable either annually, or semiannually as the board of regents may determine; (5) Shall be payable solely out of: (a) Revenue derived from operating, managing and leasing the university tract, and (b) A special fund, created by the board of regents for the purpose, consisting either of (i) a fixed proportion, or (ii) a fixed amount out of and not exceeding a fixed proportion, or (iii) a fixed amount without regard to any fixed proportion, of the revenue so derived; (6) May contain covenants by the board of regents in conformity with the provisions of RCW 28B.20.398(2); (7) Shall be payable at such times over a period of not to exceed thirty years, in such manner and at such place or places as the board of regents determines; (8) Shall be executed in such manner as the board of regents by resolution determines; (9) Shall be sold in such manner as the board of regents deems for the best interest of the University of Washington; (10) May be issued under chapter 39.46 RCW.
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