§ 7-53-204. Amendment of Certificate
The certificate of incorporation may at any time and from time to time be amended so as to make any changes in the certificate of incorporation and add any provisions to the certificate of incorporation that might have been included in the certificate of incorporation in the first instance. Any such amendment shall be effected […]
§ 7-53-301. Board of Directors
The corporation shall have a board of directors in which all powers of the corporation shall be vested and which shall consist of any number, not less than seven (7), all of whom shall be duly qualified electors of and taxpayers in the municipality. The directors shall serve as such without compensation, except that they […]
§ 7-53-302. Corporate Powers — Meetings Public
The corporation has the following powers, together with all powers incidental to such powers or necessary for the performance of those powers, to: Have succession by its corporate name for the period specified in the certificate of incorporation, unless sooner dissolved; Sue and be sued and prosecute and defend, at law or in equity, in […]
§ 7-53-303. Issuance of Bonds — Restrictions on Payment — Delivery — Additional Issues — Redemption
Except as otherwise expressly provided in this chapter, all bonds issued by the corporation shall be payable solely out of the revenues and receipts derived from the corporation’s projects or of any of the projects as may be designated in the proceedings of the board of directors under which the bonds shall be authorized to […]
§ 7-53-304. Security for Payment of Bonds — Default — Bondholders’ Remedies — Maintenance of Aggregate Listing of Debt
The principal of and interest on any bonds issued by the corporation shall be secured by a pledge of the revenues and receipts out of which the bonds shall be made payable, and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues […]
§ 7-53-305. Exemption From Taxation — Payments in Lieu of Ad Valorem Taxes — Securities
The corporation is hereby declared to be performing a public function in behalf of the municipality with respect to which the corporation is organized and to be a public instrumentality of such municipality. Accordingly, the corporation and all properties at any time owned by it, and the income and revenues from the properties, and all […]
§ 7-53-306. Municipal Liability — Submission to Voters — Remedies of Bondholders
The municipality shall not, in any event, be liable for the payment of the principal of or interest on any bonds of the corporation, or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by the corporation, and none of the bonds of the corporation or […]
§ 7-53-307. Certificate for Pledge of Municipal Credit — Regulation by Finance Committee
The building finance committee in the industrial development division of the department of economic and community development is hereby authorized and empowered to determine whether any municipality shall have the right to pledge the full faith and credit of the municipality as surety to the payment of principal and interest of bonds as authorized in […]
§ 7-53-202. Requisites of Certificate of Incorporation — Acknowledgment
The certificate of incorporation shall set forth: The names and residences of the applicants, together with a recital that each of them is an elector of and taxpayer in the municipality; The name of the corporation, which shall be The Industrial Development Board of the of , the blank spaces to be filled in with […]
§ 7-53-203. Approval of Certificate by Secretary of State — Recording
When executed and acknowledged in conformity with § 7-53-202, the certificate of incorporation shall be filed with the secretary of state. The secretary of state shall then examine the certificate of incorporation and, if the secretary of state finds that the recitals contained in the certificate are correct, that there has been compliance with the […]