Section 11-11B-1 Definitions. As used in this chapter, the following words and terms shall have the following respective meanings: (1) CONDITIONS OF A GRANT. The terms and conditions upon which a grant is made by a donor. (2) COUNTY. Any county of the state. (3) DONOR. The United States of America, or the state, or […]
Section 11-11B-2 Power and authority of grantees. Each grantee shall have the power, and, when approved by its governing body, the authority, to do or perform any one or more of the following: (1) To apply to any donor for a grant and to pay the expenses involved in making such application; (2) To accept […]
Section 11-11B-3 Power and authority of counties and public corporations. Each county and each public corporation shall have the power and, when approved by its governing body, the authority, to do or perform any one or more of the following: (1) To anticipate the receipt of any grant either by loan or by assignment or […]
Section 11-11B-4 Securities; maturity, total principal amount, denomination and tenor, execution, etc.; coupons for interest. Securities issued under the authority of this chapter shall mature at such time or times as the governing body of the issuer shall determine, not later than the date on which the last installment of the grant is reasonably expected […]
Section 11-11B-5 Exemption of securities from taxation. All securities issued by authority of this chapter and the interest thereon shall be exempt from all taxation in the state. (Acts 1981, No. 81-797, p. 1399, §5.)
Section 11-11B-6 Legal investment status of securities. Securities issued under the authority of this chapter shall be securities in which the state, the grantee, all counties and political subdivisions of the state, their officers, boards, departments or agencies and all banks, bankers, trust companies, savings and loan associations, investment companies and other persons carrying on […]
Section 11-11B-7 Issuance of securities exempt from supervision and control. No proceeding, notice or approval shall be required for the issuance of any securities under this chapter. Neither a public hearing nor the consent of the state department of finance shall be a prerequisite to the issuance of any securities under this chapter. The provisions […]
Section 11-11B-8 Grant of additional authority; chapter not to repeal, restrict or modify any law. This chapter is intended to grant additional authority to grantees, counties and public corporations and shall not be considered to repeal, restrict or modify any law now in effect or hereafter enacted. (Acts 1981, No. 81-797, p. 1399, §8.)
