1. Beginning August 1, 2005, the public finance authority is deemed the continuation
of and successor in interest to the municipal bond bank and any reference to the municipal
bond bank or bond bank in any agreement, certificate, contract, covenant, indenture,
resolution, recital, undertaking, bond, note, other evidence of indebtedness, or in
any other document or instrument means the public finance authority.
2. The public finance authority as the continuation of and successor in interest to
the municipal bond bank is deemed to:
a. Possess all rights, title, privileges, powers, immunities, property, assets, and
claims of the bond bank; and
b. Fulfill and perform all obligations of the bond bank, including all bond bank obligations
relating to outstanding bonds and notes.
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