Section 37-13-16 – Bonds of Authority – Exemption From Taxation.
Section 37-13-16 Bonds of authority – Exemption from taxation. The bonds issued by an authority and the income therefrom shall be exempt from all taxation in the state. All property and income of an authority shall be exempt from all state, county, municipal and other local taxation; provided, however, that this exemption shall not be […]
Section 37-13-1 – Definitions.
Section 37-13-1 Definitions. When used in this chapter, unless the context plainly indicates otherwise, the present tense shall include the future tense, the singular shall include the plural, the plural shall include the singular and the following words and phrases shall have the meanings respectively ascribed to them by this section. (1) ADDITIONAL RAIL SERVICE […]
Section 37-13-17 – Investment of County and Municipal Funds in Bonds of Authority.
Section 37-13-17 Investment of county and municipal funds in bonds of authority. The governing body of any county, city or town within this state is authorized in its discretion to invest in bonds of the authority any idle or surplus money held in its treasury. (Acts 1984, No. 84-179, p. 256, §17.)
Section 37-13-2 – Authority and Procedure to Incorporate.
Section 37-13-2 Authority and procedure to incorporate. Pursuant to this chapter, authorities may be organized as public corporations with the powers herein set forth. To organize an authority, no fewer than three natural persons shall file with the governing body of any one or more counties, cities, or towns within this state in which there […]
Section 37-13-18 – Eligibility of Bonds as Investments for Trust Funds.
Section 37-13-18 Eligibility of bonds as investments for trust funds. Bonds issued under the provisions of this chapter are hereby made legal investments for executors, administrators, trustees and other fiduciaries, unless otherwise directed by the court having jurisdiction of the fiduciary relation or by the document that is the source of the fiduciary’s authority. Such […]
Section 37-13-3 – Certificate of Incorporation – Contents.
Section 37-13-3 Certificate of incorporation – Contents. The certificate of incorporation of an authority shall state; (1) The names of the incorporators together with the residence of each thereof, and a statement that each of them is a duly qualified elector of and owner of property in the state; (2) The name of the authority […]
Section 37-13-19 – Notice of Bond Resolution.
Section 37-13-19 Notice of bond resolution. Upon the adoption by the board of any resolution providing for the issuance of bonds, the authority may in its discretion cause to be published once a week for two consecutive weeks, in a newspaper that is customarily published in this state not less than five days in each […]
Section 37-13-4 – Certificate of Incorporation – Execution and Recordation.
Section 37-13-4 Certificate of incorporation – Execution and recordation. The certificate of incorporation of an authority shall be signed and acknowledged by the aforesaid incorporators before an officer authorized by the laws of the state to take acknowledgements to deeds and shall have attached thereto a certified copy of each of the resolutions provided for […]
Section 37-13-20 – Exemption From Contracting and Purchasing Laws and From Certain Public Service Commission Jurisdiction.
Section 37-13-20 Exemption from contracting and purchasing laws and from certain Public Service Commission jurisdiction. Authorities organized pursuant to this chapter shall be exempt from (a) all laws relating to the advertising and award of construction contracts and purchase contracts made by or in behalf of the state and its departments and by or in […]
Section 37-13-5 – Board of Directors of Authority.
Section 37-13-5 Board of directors of authority. Each authority shall be governed by a board of directors composed of the number of directors provided in its certificate of incorporation, all of whom shall be selected in accordance with the provisions of this section. If there is to be only one authorizing subdivision (whether a county, […]