Section 23-1-304 – Incorporation – Certificate.
Section 23-1-304 Incorporation – Certificate. (a) When the application has been made, filed and recorded as provided in Section 23-1-303, the applicants shall constitute a corporation under the name proposed in the application and the Secretary of State shall make and issue to the applicants a certificate of incorporation pursuant to this article under the […]
Section 23-1-305 – Corporation – Generally.
Section 23-1-305 Corporation – Generally. (a) The members of the corporation shall be the Governor, the Director of Finance, the Director of Transportation, the Attorney General, and the State Treasurer and their respective successors in office. (b) The Governor shall be the president of the corporation, the Director of Finance shall be the vice-president of […]
Section 23-1-306 – Corporation – Powers.
Section 23-1-306 Corporation – Powers. The corporation shall have the following powers: (1) To have perpetual succession by its corporate name unless sooner dissolved pursuant to Section 23-1-318. (2) To commence actions and have actions commenced against it, provided, however, that the corporation shall be considered a public agency performing state governmental functions and shall […]
Section 23-1-307 – Bonds and Notes – Authorization for Issuance.
Section 23-1-307 Bonds and notes – Authorization for issuance. The authority shall have the power and is hereby authorized and empowered to sell and issue its bonds in order to provide as soon as practicable the federal share of the cost of constructing federal aid projects in anticipation of the receipt by the state of […]
Section 23-1-308 – Bonds and Notes – Form, Denominations, Terms, Redemption, Etc.
Section 23-1-308 Bonds and notes – Form, denominations, terms, redemption, etc. Any obligations authorized by this article shall be in such forms and denominations and of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced in such manner and may contain other provisions not inconsistent with this article as […]
Section 23-1-309 – Bonds and Notes – Execution.
Section 23-1-309 Bonds and notes – Execution. The obligations authorized by this article shall be signed by the president or vice-president of the authority, as the board of directors shall designate, and attested by its secretary or an assistant secretary, as the board of directors shall designate; provided, that a facsimile of the signature of […]
Section 23-1-310 – Bonds and Notes – Issuance and Sale Generally.
Section 23-1-310 Bonds and notes – Issuance and sale generally. Obligations of the authority may be sold at either public or private sale in such manner and at such price or prices and at such time or times as may be determined by the board of directors to be most advantageous; provided, that none of […]
Section 23-1-311 – Bonds and Notes – Source of Funds; Pledge of Funds for Payment of Principal and Interest Thereon; Negotiability.
Section 23-1-311 Bonds and notes – Source of funds; pledge of funds for payment of principal and interest thereon; negotiability. (a) The obligations authorized by this article shall not be general obligations of the authority, but shall be payable solely out of the funds appropriated and pledged in or permitted to be pledged pursuant to […]
Section 23-1-312 – Bonds and Notes – Exemption From Taxation; Use as Security for Deposits; Eligibility as Investment for Fiduciary Funds.
Section 23-1-312 Bonds and notes – Exemption from taxation; use as security for deposits; eligibility as investment for fiduciary funds. (a) Any obligations authorized by this article and the income therefrom shall be exempt from all taxation in the state. (b) Any of the obligations authorized by this article may be used by the holder […]