§ 503. Method of incorporation.
§ 503. Method of incorporation. (a) Whenever the city council or other governing body of a city desires to organize an authority, under this chapter, it shall adopt an ordinance signifying its intention to do so. In the event that such ordinance sets forth the proposed articles of incorporation in full it shall not be […]
§ 504. Purpose and powers.
§ 504. Purpose and powers. (a) The authority, incorporated under this chapter, shall constitute a public body corporate and politic, exercising public powers of the State as an agency thereof and shall be known as the parking authority of the city, but shall in no way be deemed to be in instrumentality of the city […]
§ 505. Bonds.
§ 505. Bonds. (a) The bonds of any authority referred to and authorized to be issued by this chapter shall be authorized by resolution of the board thereof, and shall be of such series, bear such date or dates, mature at such time or times not exceeding 40 years from their respective dates, bear interest […]
§ 506. Remedies of bondholders.
§ 506. Remedies of bondholders. (a) The rights and the remedies conferred upon or granted to the bondholders in this section shall be in addition to and not in limitation of any rights and remedies lawfully granted to such bondholders by the resolution or resolutions providing for the issuance of bonds or by any deed […]
§ 507. Governing body.
§ 507. Governing body. (a) The powers of each authority shall be exercised by a board composed of not less than 5 nor more than 7 members, all of whom shall be residents or business owners within the city creating the authority. In municipalities with population greater than 50,000, however, the powers of each authority […]