Section 41-10-365 – Sinking Fund for Payment of Principal and Interest on Bonds of Authority.
Section 41-10-365 Sinking fund for payment of principal and interest on bonds of authority. For the purpose of providing funds to enable the authority to pay at their respective maturities the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this article, […]
Section 41-10-366 – Contracts, etc., Do Not Create Obligations of State.
Section 41-10-366 Contracts, etc., do not create obligations of state. All contracts made, obligations incurred and bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create obligations or debts of the state. (Acts 1988, No. 88-475, p. 739, §17.)
Section 41-10-367 – Investment of Surplus Proceeds From Sale of Bonds; Disbursement of Income Derived From Such Investments.
Section 41-10-367 Investment of surplus proceeds from sale of bonds; disbursement of income derived from such investments. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors may determine is not then needed for any of the purposes for which the bonds are authorized to be issued […]
Section 41-10-368 – Authority Is Nonprofit Corporation.
Section 41-10-368 Authority is nonprofit corporation. The authority shall be a nonprofit corporation, and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any private entity. (Acts 1988, No. 88-475, p. 739, §19.)
Section 41-10-369 – Dissolution of Authority; Disposition of Property Upon Dissolution of Authority.
Section 41-10-369 Dissolution of authority; disposition of property upon dissolution of authority. At any time when the bonds and other obligations of the authority have been paid in full, the authority may be dissolved upon the filing with the Secretary of State of a written statement for dissolution, reciting payment in full of all bonds […]
Section 41-10-370 – Payment of Principal and Interest on Bonds and Maintenance of Records Pertaining Thereto by State Treasurer.
Section 41-10-370 Payment of principal and interest on bonds and maintenance of records pertaining thereto by State Treasurer. Out of the revenues appropriated and pledged in Section 41-10-365 of this article, the State Treasurer is authorized and directed to pay the principal of and interest on the bonds at the respective maturities of the said […]
Section 41-10-371 – Power of Authority to Pay and Make Agreements With the United States to Exempt Interest of Bonds From Federal Income Tax.
Section 41-10-371 Power of authority to pay and make agreements with the United States to exempt interest of bonds from federal income tax. The authority shall have the power to make such payments to the United States as the directors deem necessary to cause the interest on any bonds of the authority to be and […]
Section 41-10-357 – Authorization to Issue Bonds; Limitation on Use of Proceeds.
Section 41-10-357 Authorization to issue bonds; limitation on use of proceeds. For the purpose of acquiring, constructing, installing and equipping mental health facilities, the authority is hereby authorized to issue and sell from time to time its bonds, which bonds may be in the form of interest-bearing bonds or noninterest-bearing bonds. The aggregate principal amount […]
Section 41-10-358 – Form, Terms, Denominations, etc., of Bonds; Limitation on Maturity Date, Redemption.
Section 41-10-358 Form, terms, denominations, etc., of bonds; limitation on maturity date, redemption. The bonds, which may be issued in one or more series, shall be in such forms and denominations and of such tenor and maturities, shall, if issued as interest-bearing bonds, bear such rate or rates of interest payable and evidenced in such […]
Section 41-10-359 – Execution and Delivery of Bonds; Designation of Bonds for Community Facilities.
Section 41-10-359 Execution and delivery of bonds; designation of bonds for community facilities. The bonds shall be signed by the president of the authority and attested by its secretary; provided, that a facsimile of the signatures of both of said officers may be printed or otherwise reproduced on any of the bonds in lieu of […]