48-2461. Construction of article The powers conferred by this article are in addition and supplemental to the powers conferred by any other law, it being the purpose and intent of this article to create full and complete additional and alternate methods for the exercise of such powers. Insofar as the provisions of this article are […]
48-2462. Definitions In this article, unless the context otherwise requires: 1. " Bonds" means revenue bonds and includes notes where applicable. 2. " Undertaking" means the purchase, construction, leasing or acquisition of any real or personal property, works or facilities which the district is authorized by law to purchase, construct, lease or otherwise acquire, or […]
48-2463. Purposes for which revenue bonds may be issued After the organization of an agricultural improvement district, the board of directors may cause revenue bonds to be issued for any undertaking.
48-2464. Powers of district In the exercise of the powers granted or permitted by law, the district shall have the additional power: 1. To issue its bonds to finance, in whole or in part, the costs of any undertaking. 2. To pledge to the punctual payment of the bonds and interest thereon the revenue of […]
48-2465. Revenue bonds A. To undertake, carry out and accomplish any or all of the purposes and powers of the district authorized or permitted by law, the district may borrow money and issue its negotiable bonds therefor. No bonds may be issued unless authorized by a resolution of the board of directors adopted by an […]
48-2466. Forms of bonds A. All bonds and coupons issued under the provisions of this article are payable in lawful money of the United States and shall be payable in not exceeding fifty years from the date of the bond. B. The bonds may be issued in one or more series, bear such date or […]
48-2467. Adoption of resolution; trust agreement For the purpose of this article, the board of directors of any district by affirmative vote of a majority of its members is authorized to adopt a resolution relating to the exercise of the powers granted by this article and to any other matters necessary to effectuate the full […]
48-2468. Covenants in resolution or trust agreement A. Any resolution or trust agreement pertaining to the issuance of bonds under this article shall authorize the undertaking and may in addition contain covenants as to: 1. The purpose to which the proceeds of the sale of the bonds may be applied and the use and disposition […]
48-2469. Form of notes A district may, at any time after the issuance of bonds is authorized, borrow money for the purposes for which such bonds are to be issued in anticipation of the receipt of the proceeds of the sale of such bonds and within the authorized maximum amount of such bond issue. Bond […]
48-2470. Sale of bonds A. Bonds shall be sold at public or private sale, as the board of directors may determine. B. If the board of directors determines to sell such bonds at public sale, notice of the sale shall be given by publication thereof for at least three days in a newspaper published in […]
48-2471. Refunding bonds A. If a district has outstanding any bonds issued pursuant to this article or article 6 of this chapter, it may issue, by resolution of the board of directors, bonds to refund such outstanding bonds. Such bonds shall be designated " refunding bonds" and shall be secured by the revenue of the […]
48-2472. Purchase of bonds by districts A district may purchase its bonds authorized to be issued in this article out of any funds available therefor. A district shall cancel forthwith any bonds so purchased.
48-2473. Disposition of proceeds and other monies All proceeds received from the sale of the bonds, all fees, rental or other charges received by the district from any undertaking financed by the bonds, and all monies received from any source in connection therewith shall be used, applied and disposed of as the board determines by […]
48-2474. Validity of bonds; nonliability of officers and directors A. Bonds issued under this article and bearing the signature of officers in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that, before delivery and payment thereof, any and all of the persons whose signatures appear thereon have ceased […]
48-2475. Bonds; legal investments Notwithstanding any provisions of any other law to the contrary, all bonds, including refunding bonds, issued pursuant to this article shall constitute legal investments for savings banks, banks, savings and loan associations, trust companies, executors, administrators, trustees, guardians and other fiduciaries, and for any board, body, agency or instrumentality of the […]
