§ 7-37-101. Short Title

This chapter shall be known and may be cited as the “Industrial Building Revenue Bond Act of 1951.”

§ 7-37-102. Chapter Definitions

As used in this chapter, unless the context otherwise requires: “Governing body” means bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality; “Industrial building” means any one (1) or combination of buildings, structures or facilities leased, or to be leased, to an industrial or commercial concern by […]

§ 7-37-103. Purpose of Chapter

It is determined and declared that the purpose of this chapter is to relieve conditions of unemployment, to aid in the rehabilitation of returning veterans, and to encourage the increase of industry and commerce within this state, thereby reducing the evils attendant upon unemployment.

§ 7-37-104. Powers of Municipalities

In addition to powers that it may now have, any municipality has the power under this chapter to: Construct, acquire by gift or purchase, reconstruct, improve, better or extend any industrial building within or without the municipality or partially within or partially without the municipality, but in no event farther than ten (10) miles from […]

§ 7-37-105. Exemption From State Regulation

It is not necessary for any municipality proceeding under this chapter to obtain any certificate of convenience or necessity, franchise, license, permit, or other authorization from any bureau, board, commission, or other lay instrumentality of the state in order to acquire, construct, purchase, reconstruct, improve, better, or extend any industrial building or for the issuance […]

§ 7-37-106. Improvements and Bonds Authorized

The construction, acquisition, reconstruction, improvement, betterment, or extension of any industrial buildings may be authorized under this chapter, and bonds may be authorized to be issued under this chapter to provide funds for such purpose or purposes or for the refunding of bonds theretofore issued under this chapter, by resolution or resolutions of the governing […]

§ 7-37-107. Covenants Permissible in Bonds — Mortgage or Deed of Trust

Any resolution authorizing the issuance of bonds under this chapter may contain covenants as to: The use and disposition of the rentals from the industrial building for which the bonds are to be issued, and from any other industrial buildings owned by the municipality at the time, including the creation and maintenance of reserves; The […]

§ 7-37-108. Lien on Rentals

All bonds issued under this chapter shall have a lien upon the rentals from the industrial building for which the bonds have been issued, and from any other industrial building securing the bonds pursuant to resolution, mortgage or deed of trust as provided in this chapter, and the governing body may provide in the resolution […]

§ 7-37-109. Bonds Not General Obligation

No holder or holders of any bonds issued under this chapter shall ever have the right to compel any exercise of taxing power of the municipality to pay the bonds or the interest on the bonds and the bonds shall not constitute an indebtedness of the municipality or a loan of credit of the bond […]

§ 7-37-110. Election — Questions Submitted — Declaration of Result

Prior to the delivery of and payment for any bonds authorized under this chapter, a three-fourths (¾) majority of the registered voters of such municipality voting at an election on the question of issuing such bonds shall approve of such bond issue; provided, that no such election shall be necessary in connection with the authorization […]

§ 7-37-111. Sale of Bonds

Bonds may be sold in such manner and upon such terms as may be deemed advisable by the governing body; provided, that bonds for refunding purposes shall not be sold at less than ninety-seven percent (97%) of par value and accrued interest.

§ 7-37-112. Interim Financing — Certificates

Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the governing body may determine, may be issued to the purchaser or purchasers of bonds sold pursuant to this chapter. The bonds and interim receipts or certificates shall be fully negotiable within the meaning of and […]

§ 7-37-113. Validity of Bonds

Bonds bearing the signatures of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds any or all the persons whose signatures appear on the bonds shall have ceased to be officers of the […]

§ 7-37-114. Tax Exemption of Bonds

All bonds and the income from the bonds issued pursuant to this chapter shall be exempt from all state, county, and municipal taxation, except inheritance, transfer and estate taxes, except as otherwise provided in this code.

§ 7-37-115. Rentals Sufficient to Pay Bonds

The governing body of a municipality issuing bonds pursuant to this chapter shall prescribe and collect rentals for industrial buildings, and shall revise the rentals from time to time whenever necessary so that the income and revenues to be derived from such rentals will always be sufficient to pay when due all bonds and interest […]

§ 7-37-116. Supplemental Nature of Chapter

The powers conferred by this chapter shall be in addition and supplemental to, and the limitations imposed by this chapter shall not affect the powers conferred by, any other general, special or local law. Industrial buildings may be acquired, purchased, constructed, reconstructed, improved, bettered, and extended, and bonds may be issued under this chapter for […]