Section 4-3-54 – Bonds – Security for Payment of Principal and Interest.
Section 4-3-54 Bonds – Security for payment of principal and interest. In the discretion of the authority, any bonds may be issued under and secured by an indenture between the authority and a trustee. Said trustee may be a private person or corporation, including, but not limited to, any trust company or bank having trust […]
Section 4-3-55 – Bonds – Disposition of Proceeds From Sale.
Section 4-3-55 Bonds – Disposition of proceeds from sale. The proceeds derived from the sale of any bonds, other than refunding bonds, may be used only to pay the cost of acquiring, constructing, improving, enlarging and equipping the airport, facilities or property with respect to which they were issued, as may be specified in the […]
Section 4-3-56 – Refunding Bonds.
Section 4-3-56 Refunding bonds. The authority may at any time and from time to time issue refunding bonds for the purpose of refunding or providing funds to pay the principal of and the interest on any bonds of the authority theretofore issued under this article and then outstanding, whether or not such principal or interest […]
Section 4-3-57 – Investment of County or Municipal Funds in Bonds.
Section 4-3-57 Investment of county or municipal funds in bonds. The governing body of any county or municipality 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 1977, No. 331, p. 433, §18.)
Section 4-3-58 – Eligibility of Bonds as Investment for Trusts, Savings Banks, Insurance Companies, Etc.
Section 4-3-58 Eligibility of bonds as investment for trusts, savings banks, insurance companies, etc. Bonds issued under the provisions of this article 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 […]
Section 4-3-59 – Exemption of Bonds, Property and Income of Authority From Taxation; Concessionaires, Tenants, etc., of Authority Subject to State and Local Taxation; Exemption From Payment of Deed Recording Fees and Roll-Back Taxes.
Section 4-3-59 Exemption of bonds, property and income of authority from taxation; concessionaires, tenants, etc., of authority subject to state and local taxation; exemption from payment of deed recording fees and roll-back taxes. The bonds issued by the authority and the income therefrom shall be exempt from all taxation in the state. All property and […]
Section 4-3-60 – Exemption From State Contracting, Purchasing and Zoning Restrictions; Zoning Powers.
Section 4-3-60 Exemption from state contracting, purchasing and zoning restrictions; zoning powers. Authorities organized pursuant to this article shall be exempt from the 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 public bodies and shall be exempt from […]
Section 4-3-61 – Procedure for Dissolution.
Section 4-3-61 Procedure for dissolution. At any time when no bonds of the authority are outstanding, the authority may be dissolved upon the filing with the judge of probate in the county in which is filed the certificate of incorporation of an application for dissolution, which shall be subscribed by each of the members of […]
Section 4-3-62 – Provisions of Article Cumulative.
Section 4-3-62 Provisions of article cumulative. This article shall provide an alternate and additional procedure for incorporating airport authorities and governing such authorities when incorporated. The provisions of this article are cumulative and shall not be deemed to repeal existing laws, except to the extent such laws are clearly inconsistent with provisions of this article. […]
Section 4-3-80 – Authority and Procedure.
Section 4-3-80 Authority and procedure. Any incorporated city or town in this state may borrow money to the extent of its constitutional debt limit for the purpose of providing funds to enable or assist any airport authority incorporated as a public corporation with the consent and approval of such city or town to acquire, own […]