Section 9-6-17 – Provisions of Chapter Cumulative; Provisions of Chapter Exclusive as to Incorporation, Issuance of Bonds, Etc.
Section 9-6-17 Provisions of chapter cumulative; provisions of chapter exclusive as to incorporation, issuance of bonds, etc. This chapter is intended to aid the state in the execution of its duties by providing appropriate and independent instrumentalities of the state with full and adequate powers to fulfill their functions. The foregoing sections of this chapter […]
Section 9-6-4 – Application for Authority to Incorporate; Review of Application and Issuance of Executive Order by Governor.
Section 9-6-4 Application for authority to incorporate; review of application and issuance of executive order by Governor. (a) In order to form a public corporation under the provisions of this chapter, any number of natural persons, not less than three, shall first file a written application with the Governor. Such application shall: (1) Contain a […]
Section 9-6-5 – Procedure for Incorporation.
Section 9-6-5 Procedure for incorporation. (a) Within 40 days from and after the date of issuance by the Governor of his executive order authorizing the applicants to proceed to form a public corporation, as provided in Section 9-6-4, the applicants or not less than three of the applicants shall proceed to incorporate a public corporation […]
Section 9-6-6 – Board of Directors.
Section 9-6-6 Board of directors. Each public corporation formed under this chapter shall be governed by a board of directors. All powers of the corporation shall be exercised by the board or pursuant to its authorization. The initial board shall consist of three directors appointed by the Governor from among the persons who filed the […]
Section 9-6-7 – Advisory Committee.
Section 9-6-7 Advisory committee. Whenever the described area of operation shall include three or more counties or portions thereof, there shall be created an advisory committee to consult with and assist the authority. The advisory committee shall consist of one member from each affected county who shall be a person of good moral character and […]
Section 9-6-8 – Powers and Duties Generally.
Section 9-6-8 Powers and duties generally. The authority shall have the following powers, together with all powers incidental thereto or necessary to the discharge thereof in corporate form: (1) To have succession by its corporate name for the duration of time (which may be in perpetuity) specified in its certificate of incorporation; (2) To maintain […]
Section 9-6-10 – Bonds – Contracts to Secure Payment.
Section 9-6-10 Bonds – Contracts to secure payment. As security for payment of the principal and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of […]
Section 9-6-9 – Bonds – Issuance; Form, Terms, Denominations, etc.; Sale; Security for Payment Generally.
Section 9-6-9 Bonds – Issuance; form, terms, denominations, etc.; sale; security for payment generally. All bonds issued by the authority shall be signed by the chairman of its board or other chief executive officer and attested by its secretary, and the seal of the authority shall be affixed thereto and any interest coupons applicable to […]
Section 9-6-11 – Bonds – Creation of Statutory Mortgage Lien.
Section 9-6-11 Bonds – Creation of statutory mortgage lien. Any resolution of the board or trust indenture under which bonds may be issued pursuant to the provisions of this chapter may contain provisions creating a statutory mortgage lien in favor of the holders of such bonds and of the interest coupons applicable thereto on the […]
Section 9-6-12 – Bonds – Use of Proceeds From Sale.
Section 9-6-12 Bonds – Use of proceeds from sale. All moneys derived from the sale of any bonds issued by the authority shall be used solely for the purpose or purposes for which the same are authorized and any costs and expenses incidental thereto. Such costs and expenses may include, but shall not be limited […]