SECTION 330:15-9-9. Trustee action to be taken

  Programs shall be developed and implemented only upon the following minimum action of the Trustees:

(1)   The adoption of an initial resolution authorizing the development of a program:

(A)   Specifying the maximum size of the program;

(B)   Directing the staff to seek CAP allocation from the State (when applicable);

(C)   Directing staff to take such preliminary action as may be required in law to select a managing underwriter and bond counsel; and

(D)   Directing staff to take such action as may be necessary to determine the necessity for a program and the size thereof.

(2)   The adoption of resolutions selecting a managing underwriter, financial advisor or placement agent (if any is needed) and bond counsel; and

(3)   The adoption of a final resolution approving all program documents, agreements, and procedures, and authorizing the sale of the bonds and the implementation of the program and specifying the interest rates for the mortgages and the bonds and taking such other action as may be necessary to implement the program if it is the decision of the Trustees in their discretion to implement the program in question.