§ 5-1472 – Investment of monies in the debt service account
5-1472. Investment of monies in the debt service account A. The board may authorize the authority’s fiscal agent to invest and reinvest any monies in the debt service account as provided by section 5-1473. B. The order directing an investment shall state a date on which the monies and other resources in the debt service […]
§ 5-1473 – Authorized investment of monies
5-1473. Authorized investment of monies A. The monies in either the bond proceeds account or the debt service account may be invested and reinvested at the direction of the board in any of the following: 1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligations issued by the federal intermediate credit banks or […]
§ 5-1474 – Deposit and disbursement of monies
5-1474. Deposit and disbursement of monies A. Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the authority’s fiscal agent in financial institutions that the board designates and that are insured by an […]
§ 5-1475 – Characteristics of bonds; negotiability; legal investments; exemption from taxation
5-1475. Characteristics of bonds; negotiability; legal investments; exemption from taxation A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code. B. The bonds, […]
§ 5-1476 – Effect of changing circumstances on bonds; agreement of state
5-1476. Effect of changing circumstances on bonds; agreement of state A. Bonds issued under this article remain valid and binding obligations of the authority, notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority. B. An amendment of this chapter does […]
§ 5-1477 – Validity of bonds; legal opinion
5-1477. Validity of bonds; legal opinion A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article applies to any proceedings […]
§ 5-1465 – Bond proceeds account
5-1465. Bond proceeds account A. If the authority issues bonds under this article, the board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds. B. The board may use monies in the bond proceeds account only for authority purposes in the manner prescribed by […]
§ 5-1466 – Debt service account
5-1466. Debt service account A. If the authority issues bonds under this article, the board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming the bonds. B. Monies in the […]
§ 5-1467 – Securing principal and interest
5-1467. Securing principal and interest In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds, the board by resolution may: 1. Pledge for the payment of principal and interest on the bonds all or part of the revenues and other monies received by the authority and […]
§ 5-1468 – Lien of pledge
5-1468. Lien of pledge A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies pledged to the holders of the bonds and received by the authority for placement in the debt service account are immediately subject to the lien of the pledge without […]