Section 41-10-650 – Short Title.

Section 41-10-650 Short title. This division shall be known and may be cited as the “Job Development Act of 1999.” (Act 99-391, p. 641, §2.)

Section 41-10-651 – Legislative Findings.

Section 41-10-651 Legislative findings. (a) The Legislature finds and declares the following: (1) That it is appropriate and necessary that measures be taken to secure to the citizens of the state the benefits of a strengthening economy resulting from increased industrial development. That among these benefits are diversification of available job opportunities, higher salaries, better […]

Section 41-10-652 – Definitions.

Section 41-10-652 Definitions. When used in this division, the following terms shall have the following meanings unless the context clearly indicates otherwise: (1) ANCILLARY COSTS shall mean the costs incurred in acquiring and constructing public improvements that benefit all or any part of the project including, without limitation, (i) improvements to streets, roads and bridges, […]

Section 41-10-653 – Powers of the Authority.

Section 41-10-653 Powers of the authority. The authority shall have, in addition to all powers heretofore granted to the authority pursuant to Division 1, the following powers: (1) To sell and issue the bonds authorized herein for the purposes specified herein. (2) To pledge the pledged revenues as security for the payment of the bonds. […]

Section 41-10-654 – Bonds of the Authority.

Section 41-10-654 Bonds of the authority. (a) General authorization to issue bonds. The authority is authorized from time to time to sell and issue the bonds in one or more series in an aggregate principal amount of up to fifty million dollars ($50,000,000) in order to provide the funds to pay project costs, ancillary costs, […]

Section 41-10-655 – Debt Service.

Section 41-10-655 Debt service. There is hereby irrevocably pledged and appropriated such amount of pledged revenues deposited in the special fund, and earnings thereon, as may be necessary to pay and to redeem prior to their respective maturities the principal, interest and premium, if any, on the bonds; provided, however that the bonds may not […]

Section 41-10-656 – Use of Bond Proceeds.

Section 41-10-656 Use of bond proceeds. (a) The proceeds derived from the sale of the bonds shall be deposited in the State Treasury and shall be carried in a separate fund therein for the account of the authority. The proceeds from the sale of the bonds remaining after payment of the expenses of issuance thereof […]

Section 41-10-657 – Payment of Training Costs.

Section 41-10-657 Payment of training costs. In addition to the power to finance the payment of training costs through the issuance of the bonds, the authority may, if it determines that it is in the best interests of the state to do so, pay such training costs directly out of pledged revenues in the special […]

Section 41-10-658 – Construction of Division.

Section 41-10-658 Construction of division. This division being remedial in nature, it shall be liberally construed to effect its purpose. (Act 99-391, p. 641, §10.)