Section 8-6-110 Definitions. The following words and phrases, as used in this article, shall have the following meanings: (1) AUTHORIZING ACT. Any of the following statutes or acts: a. Any of the following sections, as amended: Section 11-20-1 et seq., relating to industrial revenue bonds to be issued by counties; Section 11-54-20 et seq., relating […]
Section 8-6-111 Legislative findings; purpose of article. (a) The Legislature finds and determines that unscrupulous promoters may take advantage of the authorizing act by inducing issuers to issue industrial revenue bonds which careful investigation by the issuer or other responsible parties would reveal to be improvident. The standing of all issuers could be impaired and […]
Section 8-6-112 Powers of director of Securities Commission. (a) The director shall have authority to: (1) Consider and investigate proposed issues of industrial revenue bonds; (2) Advise and consult with issuers with respect thereto; (3) Publish such notices of proposed issues of industrial revenue bonds or proposed rules and regulations as are required by this […]
Section 8-6-113 Powers of Securities Commission. (a) The commission may: (1) Stop the issuance of industrial revenue bonds under the procedures provided in this article. (2) Issue rules and regulations necessary or desirable to prescribe the form and content of notifications, the conduct of investigations, the issuance of stop orders, appeals by issuers, or references […]
Section 8-6-115 Notifications of intent to issue bonds. On and after May 27, 1978, any issuer proposing to issue any industrial revenue bonds under authority of the authorizing act shall, at least 20 days prior to the date of delivery of the industrial revenue bonds, deliver to the director a notification in writing of its […]
Section 8-6-116 Action by director upon receipt of notification; stop orders. Upon receipt of a notification, the director shall cause a preliminary investigation or inquiry to be made into the proposed issue to determine whether there exist circumstances which, in his or her opinion, indicate that the proposed issue of industrial revenue bonds may be […]
Section 8-6-117 Appeals or references to Securities Commission. When a stop order has been issued by the director, the issuer shall have the right to appeal the matter to the commission by notice in writing of such appeal delivered to the director. The director shall have the right to refer to the commission the matter […]
Section 8-6-118 Proceedings before Securities Commission. When the matter of any proposed industrial revenue bond issue has been appealed by the issuer to the commission or referred to the commission by the director with the request that the commission issue a permanent stop order, the director shall convene the commission. The commission shall conduct a […]
Section 8-6-119 Judicial validation proceedings. Any judicial validation proceeding instituted under this article shall conform to and be conducted in accordance with either Section 6-6-750 et seq. or Section 11-81-220 et seq., whichever is applicable to the issuer. The petition shall allege that the issue of industrial revenue bonds proposed by the issuer is not […]
Section 8-6-120 Certificate of notification; representation that industrial revenue bonds have been approved prohibited. In the event that (1) 20 days shall have expired after the filing by an issuer of the notification required by Section 8-6-115 describing proposed industrial revenue bonds to be issued by it, or the director shall have waived, shortened or, […]
Section 8-6-121 Criminal penalties. Any lessee, any guarantor, or any officer of any issuer, lessee, or guarantor or any other person, firm, or corporation who: (1) Willfully violates this article; (2) Willfully participates in the issuance of any industrial revenue bonds without having obtained the certificate of notification required by Section 8-6-120; (3) Willfully participates […]
Section 8-6-122 Article remedial; certain statutes not repealed. This article is remedial in nature and shall not be construed so as to repeal any provision of Section 8-6-1 et seq. or Section 8-6-50 et seq. (Acts 1978, No. 586, p. 681, §13.)
