12 GCA § 66105: Maximum Amount, Purpose of and Term of Bonds.

Before issuing any bond or bonds, the Board shall, by indenture approved by the Governor, declare the purpose for which the proceeds of the bonds proposed to be issued shall be expended and shall specify the maximum amount of bonds to be issued or sold for such purpose, and their maximum term which shall not exceed the life of the Authority. Bonds shall not be issued or sold for such purpose in an amount or for a term exceeding that specified.