§ 14-362-201. Definitions
As used in this subchapter: (1) “Authority” means any authority created under the provisions of § 14-362-103; (2) “Bond” means a revenue bond; (3) “Contract for effective interest rates” means any contract to achieve a desirable effective interest rate, including, but not limited to: (A) An investment contract; (B) A funding agreement; (C) An interest […]
§ 14-362-202. Contracts authorized
(a) In connection with revenue bonds issued by an authority, the authority may enter into a contract for effective interest rates. (b) A contract for effective interest rates may be entered into at the time the bonds are issued or at any time while the bonds are outstanding. (c) A contract for effective interest rates […]
§ 14-362-203. Payments and revenues
(a) Payments required to be made by an authority under a contract for effective interest rates under this subchapter shall be payable from the same revenue source or sources from which the related bonds are payable. (b) Revenues derived by an authority from a contract for effective interest rates shall be used for one (1) […]
§ 14-362-204. Supplemental
This subchapter is supplemental to all other provisions of state law governing the issuance of bonds by authorities and the investment of the bond proceeds.
§ 14-362-121. Exemption from taxation
(a) Each authority shall be exempt from the payment of any taxes or fees to the state, or any subdivision thereof, or to any office or employee of the state, or of any subdivision thereof. (b) (1) The property of each authority shall be exempt from all local and municipal taxes. (2) Bonds, notes, debentures, […]
§ 14-362-122. Use of surplus funds
(a) If an authority should realize a surplus, whether from operating the airport or leasing it for operation, over and above the amount required for the maintenance, improvement, and operation of the airport and for meeting all required payments on its obligations, it shall set aside the reserve for future operations, improvements, and contingencies as […]
§ 14-362-123. Public and private contributions
(a) Contributions may be made to authorities from time to time by the counties and municipalities and persons, firms, or corporations that shall desire to do so. (b) In order to afford maximum opportunities for contributions, the agreement provided for under § 14-362-103 may be treated as a cooperative agreement under the provisions of the […]
§ 14-362-124. Accounts and reports
(a) (1) All funds received by an authority shall be deposited in such banks as the authority may direct and shall be withdrawn therefrom in such manner as the authority may direct. (2) (A) Each authority shall keep strict account of all of its receipts and expenditures and each quarter shall make a report to […]
§ 14-362-125. County, municipal, and state authority
(a) Counties, municipalities, and the state are authorized and empowered to appoint members of the authorities and to contribute to the cost of acquiring, constructing, equipping, maintaining, and operating the regional airports and appurtenant facilities. (b) Counties, municipalities, and the state are authorized and empowered to transfer and convey to the authorities property of any […]
§ 14-362-126. Lease of facilities
(a) Each authority may lease its airport and all or any part of its appurtenances and facilities to any available lessee at such rental and upon such terms and conditions as the authority shall deem proper. (b) Leases shall be for some purpose associated with airport activities.