§ 7-36-113. Issuance of Bonds — Proceeds of Sale of Bonds
The authority shall have power and is authorized to issue its bonds for the construction, acquisition, reconstruction, improvement, betterment, or extension of any system of the authority or to assume and to agree to pay any indebtedness incurred for any of the foregoing purposes. The proceeds of the sale of any bonds may be applied […]
§ 7-36-114. Resolution Authorizing Issuance or Assumption of Bonds — Repurchase of Bonds — Temporary Bonds — Contract or Agreement Facilitating Issuance and Sale of Bonds
No bonds shall be issued or assumed under this chapter unless authorized to be issued or assumed by resolution of the board, which resolution may be adopted at the same meeting at which it is introduced by a majority of all members then in office, and shall take effect immediately upon adoption. Bonds authorized to […]
§ 7-36-115. Power to Secure Bonds and to Covenant as to Bonds
In order to secure the payment of the principal and interest on the bonds issued under this chapter, or in connection with such bonds, the authority has the power to secure such bonds and to covenant as to the bonds as set forth in §§ 9-21-306 and 7-34-110. In connection with the issuance of bonds […]
§ 7-36-116. Rights and Remedies of Bondholders
In addition to all other rights and remedies, any holders of bonds of the authority, including a trustee for bondholders, shall have the right: By mandamus or other suit, action, or proceeding at law or in equity, to enforce the bondholder’s rights against the authority and the board of the authority, including the right to […]
§ 7-36-117. Bond Not Debt of State, Municipality, or Other Political Subdivision of State
No owner of any bonds issued under this chapter shall have the right to compel any exercise of the taxing powers of this state, the associated municipality, or any other municipality or political subdivision of this state to pay such bonds or the interest thereon. Each bond issued under this chapter shall recite in substance […]
§ 7-36-118. Validity of Bonds
Bonds issued under this chapter bearing the signature of the president or other authorized officer in office on the date of the signing thereof shall be valid and binding obligations; provided, that before the delivery thereof and payment therefor, any person whose signature appears thereon shall have ceased to be an officer. The validity of […]
§ 7-36-119. Rates, Fees, or Other Charges for Services, Facilities, and Commodities
The authority shall not be operated for gain or profit or primarily as a source of revenue to the associated municipality or any other person or entity. The authority shall, however, prescribe and collect rates, fees, or charges for the services, facilities, and commodities made available by the authority, and shall revise such rates, fees, […]
§ 7-36-120. Pledge Of, or Lien On, Revenues, Fees, Rents, Tolls, or Other Charges
Any pledge of, or lien on, revenues, fees, rents, tolls, or other charges received or receivable by the authority to secure the payment of any bonds of the authority, and the interest thereon, shall be valid and binding from the time that the pledge or lien is created or granted and shall inure to the […]
§ 7-36-121. Tax Exemption
So long as the authority owns any of the systems, the property and revenue of such system shall be exempt from all state, county, and municipal taxation. Any bonds issued by the authority pursuant to this chapter, and the income therefrom, shall be exempt from all state, county, and municipal taxation, except inheritance, transfer and […]
§ 7-36-122. Payments in Lieu of Taxes
The authority is authorized to pay or cause to be paid from the revenues of each of the systems for each fiscal year payments in lieu of taxes to the associated municipality or such other municipality as shall properly receive said payments. Payments from the electric system revenues must be made and computed in accordance […]