§ 7-90-109. Organization — Powers of the Authority
Each medical school authority created pursuant to this chapter shall be a public nonprofit corporation and a public instrumentality of the municipality with respect to which the authority is organized. The authority shall have the following powers, together with all powers incidental to the following powers or necessary for the performance of those powers, to: […]
§ 7-90-110. Audit
The board of directors of each authority shall cause an annual audit to be made of the books and records of its authority. The comptroller of the treasury, through the department of audit shall be responsible for determining that such audits are prepared in accordance with generally accepted governmental auditing standards and that such audits […]
§ 7-90-111. Donations of Services and Property — Reversion of Property to Donor
For the purpose of aiding and cooperating with an authority, the municipality authorizing such authority may assign or loan any of its employees, including its engineering staff and facilities, and may provide necessary office space, equipment, and other facilities for the use of such authority, as the governing body of such municipality shall approve. The […]
§ 7-90-112. Bonds of Authority
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 such bonds, including underwriter’s discount, financial advisory fee, preparation of the definitive bonds, preparation of all public offering and marketing materials, advertising, credit enhancement, and legal, […]
§ 7-90-113. Exemption From Taxation
The authority is hereby declared to be performing a public function in behalf of the municipality with respect to which it is organized and to be a public instrumentality of such municipality. Accordingly, the authority and all properties at any time owned by it and the income from the properties and all bonds issued by […]
§ 7-90-114. Nonliability of Municipality — Pledge by Municipality of Full Faith and Credit and Unlimited Taxing Power
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 except as provided in subsection (b), no municipality shall in any event be liable for the payment of the principal of or interest on any bonds of the authority or […]
§ 7-90-115. 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 such municipality, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be determined by the governing body of such municipality, notwithstanding […]
§ 7-90-116. Execution of Leases, Contracts, Deeds, Instruments in Writing
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 […]
§ 7-90-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Authority” or “medical school authority” means any public corporation organized pursuant to this chapter; “Bio-medical research facility” means a facility that engages in the study of biological processes and diseases with the ultimate goal of developing effective treatments and cures; “Bonds” or “revenue bonds” means […]
§ 7-90-104. Filing Application for Permission to Apply for Medical School Authority — Filing a Charter
Any number of natural persons, not fewer than three (3), each of whom are duly qualified voters of the municipality, may file with the governing body of the municipality an application in writing seeking permission to apply for the incorporation of a medical school authority of such municipality. If the governing body, by appropriate resolution […]