Section 23-7-19 – Requirements for Bonds.
Section 23-7-19 Requirements for bonds. (a) The bonds of the bank must be authorized by a resolution of the bank. (b) The bonds shall bear the date and mature at the time which the resolution provides, except that no bond may mature more than 40 years from its date of issue. (c) The bonds may […]
Section 23-7-4 – Board of Directors.
Section 23-7-4 Board of directors. (a) The board of directors is the governing board of the bank. The board shall consist of seven voting members as follows: (1) The Director of the Department of Transportation, ex officio, who shall be designated as chair. (2) The State Finance Director, ex officio, who shall be designated as […]
Section 23-7-20 – Securing of Bonds – Trust Indenture.
Section 23-7-20 Securing of bonds – Trust indenture. (a) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank having trust powers or any trust company doing business in this state. A trust indenture may contain provisions for protecting and enforcing […]
Section 23-7-5 – Powers and Functions.
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other provisions of this chapter, the bank has all power necessary, useful, or appropriate to fund, operate, and administer the bank, and to perform its other functions including, but not limited to, the following power to: (1) Have perpetual succession. (2) Adopt, […]
Section 23-7-21 – Securing of Bonds – Pledge.
Section 23-7-21 Securing of bonds – Pledge. (a) Any pledge made by the bank to secure its obligations with respect to bonds or other financial assistance is valid and binding from the time the pledge is made. The revenue, money, or property pledged and received by the bank is immediately subject to the lien of […]
Section 23-7-6 – Funding; Pledge of Revenues.
Section 23-7-6 Funding; pledge of revenues. (a) The following sources may be used to capitalize the bank and for the bank to carry out its purposes: (1) An annual contribution, as determined by the Director of the Department of Transportation and approved by the Governor, of an amount not to exceed revenues produced by one […]
Section 23-7-22 – Purchase of Outstanding Bonds.
Section 23-7-22 Purchase of outstanding bonds. The bank, subject to agreements with bondholders as may then exist, may purchase outstanding bonds of the bank with any available funds, at any reasonable price. If the bonds are then redeemable, the price shall not exceed the redemption price then applicable plus accrued interest to the next interest […]
Section 23-7-7 – Administration and Operations of Bank.
Section 23-7-7 Administration and operations of bank. (a) Earnings on balances in the federal highway account, as created by this chapter, must be credited and invested according to federal law. The bank may establish accounts and subaccounts within the state highway account and the federal highway account as considered desirable to effectuate the purposes of […]
Section 23-7-23 – Form and Execution of Bonds.
Section 23-7-23 Form and execution of bonds. Bonds of the bank shall be in a form and shall be executed in a manner prescribed by the bank. (Act 2015-50, §23.)
Section 23-7-8 – Loans and Financial Assistance; Eligible and Qualified Projects.
Section 23-7-8 Loans and financial assistance; eligible and qualified projects. (a) The bank may provide loans and other financial assistance to a government unit to pay for all or part of the eligible cost of a qualified project. The term of the loan or other financial assistance must not exceed the useful life of the […]