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 […]
Section 23-7-9 – Financing Agreements; Other Authorized Financing; Security Interests.
Section 23-7-9 Financing agreements; other authorized financing; security interests. (a) Qualified borrowers may obtain loans or other financial assistance from the bank through financing agreements. Qualified borrowers entering into financing agreements and issuing loan obligations to the bank may perform any acts, take any action, adopt any proceedings, and make and carry out any contracts […]
Section 23-7-10 – Essential Governmental Function of Bank; Taxation.
Section 23-7-10 Essential governmental function of bank; taxation. The bank is performing an essential governmental function in the exercise of the powers conferred upon it and is not required to pay taxes or assessments upon property or upon its operations or the income from them, or taxes or assessments upon property or loan obligations acquired […]
Section 23-7-11 – Failure to Collect or Remit Funds Due; Withholding of Funds.
Section 23-7-11 Failure to collect or remit funds due; withholding of funds. (a) If a government unit fails to collect and remit in full all amounts due to the bank on the date these amounts are due under the terms of any note or other obligation of the government unit, the bank shall notify the […]
Section 23-7-12 – Liability Under Chapter.
Section 23-7-12 Liability under chapter. Neither the board nor any officer, employee, or committee of the bank acting on behalf of it, while acting within the scope of authority granted by this chapter, is subject to any liability resulting from carrying out any of the powers given in this chapter, unless the officer or employee […]
Section 23-7-13 – Notice, Publication, etc., Referenda.
Section 23-7-13 Notice, publication, etc., referenda. Notice, proceeding, or publication, except those required in this chapter, are not necessary to the performance of any power authorized in this chapter nor is any act of the bank subject to any referendum. (Act 2015-50, §13.)