§ 7-89-121. Acquisition and Transfer of Project Sites
Any municipality may acquire a project site by gift, purchase or lease, or exercise of the power of eminent domain, and may transfer any project site to an authority by sale, lease or gift. The transfer may be authorized by a resolution of the governing body of the municipality without submission of the question to […]
§ 7-89-122. Investment of Funds
Funds of the authority are authorized to be invested in the following: Direct obligations of the United States government or any of its agencies; Obligations guaranteed as to principal and interest by the United States government or any of its agencies; Certificates of deposit and other evidences of deposit at state and federally chartered banks, […]
§ 7-89-123. Certain Purchases for Which Competitive Bidding Not Required — Use of Competitive Sealed Proposals
An authority in the operation, maintenance, and routine repairs of a project may purchase goods, supplies and services that are generally sold to the public by advertised price without the necessity of competitive bidding; provided, that no such purchase shall exceed ten thousand dollars ($10,000). The board of directors of the authority shall adopt a […]
§ 7-89-124. Powers Not Restricted — Law Complete in Itself
This chapter shall not be construed as a restriction or limitation upon any powers that an authority, as a public corporation, might otherwise have under any laws of this state, but shall be construed as cumulative of any such powers. No proceedings, notice or approval shall be required for the organization of the authority or […]
§ 7-89-111. Municipal Support of Projects — Assignment or Loan of Employees and Provision of Facilities to Authority — Acceptance of Donations— Reversion of Property to Donor
For the purpose of aiding and cooperating with an authority, the municipality authorizing the authority may assign or loan any of its employees, including its engineering staff, and facilities, or those of its agencies and instrumentalities; may provide necessary office space, equipment, and other facilities for the use of the authority and may provide or […]
§ 7-89-112. Authority to Issue Bonds — Application of Proceeds of Bonds — Refunding and Refinancing Outstanding Bonds — Payment of Real Property Ad Valorem Taxes Into Special Fund
The authority shall have power and is authorized to issue its bonds in order to finance: The costs of any project; The payment of the costs of issuance of the bonds, including underwriter’s discounts, financial advisory fees, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement and legal, […]
§ 7-89-113. Exemption From Taxation — Bonds Deemed to Be Securities Issued by Public Instrumentality or Political Subdivision of State
The authority is declared to be performing a public function on behalf of the municipality with respect to which it is organized and to be a public instrumentality of the municipality. Accordingly, the authority and all properties at any time owned by it and the income from the properties and all bonds issued by the […]
§ 7-89-114. Credit of Municipality Not Pledged
Except to the extent of any revenues that may be specifically allocated, transferred, contributed or pledged by a municipality in accordance with this chapter and laws, rules and regulations applicable to this chapter, no municipality shall in any event be liable for the payment of the principal of or interest on any bonds of the […]
§ 7-89-115. Powers of Municipalities to Aid or Assist Authorities
Any municipality is authorized to aid or otherwise provide assistance to an authority created pursuant to this chapter by the municipality, including entering into leases or lease-purchase agreements of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by resolution of the governing […]
§ 7-89-116. Execution of Leases, Contracts, Deeds
Except as otherwise provided in this chapter, all leases, contracts, deeds of conveyance or instruments in writing executed by the authority shall be executed in the name of the authority by the chair or secretary of the authority, or by such other officers as the board of directors, by resolution, may direct, and the seal […]