§ 11-57-201. Short Title
This part 2 shall be known and may be cited as the “Supplemental Public Securities Act”. Source: L. 2000: Entire part added, p. 133, § 1, effective August 2.
§ 11-57-202. Legislative Declaration
The general assembly hereby finds, determines, and declares that, due to the changes in the public securities market and recent technological developments, it is important to provide public entities with the option to elect to apply the provisions of this part 2 when issuing securities. This part 2 will serve a public use and will […]
§ 11-57-203. Definitions
As used in this part 2, unless the context otherwise requires: “Act of issuance” means an ordinance, resolution, or decision to issue a security pursuant to delegated authority adopted by the issuing authority or officer of a public entity for the purpose of issuing a security or an amendment to such ordinance, resolution, or decision […]
§ 11-57-204. Election of Applicability
This part 2 is applicable to securities issued by any public entity if the issuing authority of such public entity elects in an act of issuance to apply all or any of the provisions of this part 2 to the issuance of such securities. If a public entity elects to apply a provision of this […]
§ 11-57-205. Delegation of Authority
The issuing authority of a public entity may, in the act of issuance, at any time, delegate to any member of the issuing authority, chief executive officer, or chief financial officer of the public entity the authority to sign a contract for the purchase of the securities or to accept a binding bid for the […]
§ 11-57-206. Fixed and Variable Rates of Interest for Securities – Agreement With Third Party for Interest Determinations
The act of issuance authorizing the issuance of any securities or any trust indenture or other instrument created by such act of issuance may fix a rate or rates of interest, or provide for the determination of the rate or rates from time to time, by a designated agent according to the procedure specified in […]
§ 11-57-207. Denomination, Maturity, Interest, and Negotiability of Securities – Rate of Interest
Any securities issued may: Mature at such time or times as determined by the public entity or as provided in section 11-57-205, not to exceed forty years; Bear interest at a rate or rates payable or compoundable at such intervals as determined by the public entity or as provided in section 11-57-205; and Be made […]
§ 11-57-208. Pledged Revenues Received or Credited Subject to Immediate Lien – Priority and Validity of Lien
A public entity may pledge all or any portion of its revenues to the payment of its securities unless the use of any of such revenues is restricted by other laws of the state. In pledging the proceeds of an ad valorem property tax, an issuing authority may limit the rate of taxation or the […]
§ 11-57-209. Recourse Against Public Entities Officers and Agents – Acceptance of Securities Constitutes Waiver and Release
If a member of the issuing authority, or any officer or agent of the public entity acts in good faith, no civil recourse shall be available against such member, officer, or agent for payment of the principal, interest, or prior redemption premiums. Such recourse shall not be available either directly or indirectly through the issuing […]
§ 11-57-210. Recital in Securities Conclusive Evidence of Validity and Regularity of Issuance
An act of issuance providing for the issuance of public securities or an indenture may provide that the securities shall contain a recital that they are issued pursuant to the supplemental public securities act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of such public securities after their […]
§ 11-57-211. Meetings Aided by Telecommunications Devices
The act of issuance authorizing the issuance of securities may be adopted by the issuing authority at a meeting where one or more members of the issuing authority may participate in such meeting and may vote on such act of issuance through the use of telecommunications devices. Such participation may include but not be limited […]
§ 11-57-212. Limitation of Actions
No legal or equitable action brought with respect to any legislative acts or proceedings in connection with the authorization or issuance of securities by a public entity shall be commenced more than thirty days after the authorization of such securities. Source: L. 2000: Entire part added, p. 137, § 1, effective August 2. L. 2004: […]
§ 11-57-213. Confirmation of Actions and Powers
In its discretion, the public entity may file a petition prior to the issuance of securities under the supplemental public securities act in the district court in any county in which the public entity or a portion thereof is located for a judicial examination and determination of any power conferred; any securities issued by the […]
§ 11-57-214. Investments
Income received from any legal investment may be deposited by the public entity in any fund or account that the public entity maintains. Source: L. 2000: Entire part added, p. 139, § 1, effective August 2. L. 2004: Entire section amended, p. 949, § 4, effective May 21.