§ 35-804 – Amendment to articles
35-804. Amendment to articles The articles of incorporation may be amended, provided that a majority of the members of the board of directors of the corporation first shall file with the governing body a written application seeking permission to amend the articles and specifying the amendment proposed to be made. The governing body shall approve […]
§ 35-805 – Board of directors
35-805. 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 not less than three nor more than nine directors, all of whom shall be duly qualified electors of the municipality or county in which the corporation was formed. […]
§ 35-705 – Board of directors
35-705. Board of directors The authority shall have a board of directors in which all powers of the authority shall be vested and that shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to […]
§ 35-742 – Municipality or county not liable
35-742. Municipality or county not liable The municipality or the county shall not in any event be liable for the payment of the principal of or interest on any bonds of the corporation, formed thereby or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by […]
§ 35-706 – Corporate powers
35-706. Corporate powers A. In addition to the powers granted to an industrial development authority by law, the authority has the following powers, together with all powers incidental or necessary for the performance of those powers: 1. To acquire, whether by purchase, exchange, gift, lease or otherwise establish, construct, improve, maintain, equip and furnish one […]
§ 35-743 – Liability insurance
35-743. Liability insurance Notwithstanding any other provision of law, the municipality or county in which an industrial development authority corporation has been organized may expend public monies to procure liability insurance covering the corporation and its board directors, members, officers, agents and employees, or may include the corporation and its board directors, members, officers, agents […]
§ 35-707 – Assumption of mortgage loans
35-707. Assumption of mortgage loans Notwithstanding the provisions of any other law, a corporation may prohibit the assumption of any single family mortgage loan purchased by it in accordance with the provisions of section 35-706 and require prepayment of the loan if the person proposing to assume the loan or the single family dwelling unit […]
§ 35-751 – Earnings of the corporation and exemption from restrictions
35-751. Earnings of the corporation and exemption from restrictions A. The corporation shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation. B. A project shall be exempt from any requirement of competitive bidding or other […]
§ 35-708 – Financing certain owner-occupied single family dwellings; exception
35-708. Financing certain owner-occupied single family dwellings; exception A. For purposes of section 35-701, paragraph 6, in areas other than a slum or blighted area, the authority undertaking the bond issue shall set aside for sixty days thirty percent of the mortgages for owner-occupied single family dwelling units for persons and families whose income is […]
§ 35-721 – Bonds of the corporation
35-721. Bonds of the corporation A. All principal and interest of bonds issued by the corporation shall be payable solely out of the revenues, proceeds and receipts derived from the corporation’s sale of property, loan repayments or lease rentals, or out of the proceeds of bonds issued hereunder, or of any revenues, proceeds and receipts […]