§ 31-7-77. Prohibition on For-Profit Projects; Rates and Charges; Utilization of Revenues to Pay Certain Obligations
No authority shall operate or construct any project for profit. It shall fix rates and charges consistent with this declaration of policy and such as will produce revenues only in amounts sufficient, together with all other funds of the authority, to pay principal and interest on certificates and obligations of the authority, to provide for […]
§ 31-7-91. Required Annual Audit
Each hospital authority created by and under this article shall ensure that an annual audit of the financial affairs, books, and records of such authority is conducted at the end of each fiscal year for the preceding year. Each hospital authority shall obtain either a certified public accountant or a firm of certified public accountants […]
§ 31-7-78. Issuance and Sale of Negotiable Revenue Anticipation Certificates
Every authority is authorized to provide by resolution for the issuance and sale of negotiable revenue anticipation certificates for the purpose of: Paying all or any part of the cost of the acquisition, construction, alteration, repair, modernization, and other charges incident thereto in connection with any facilities or project; Paying all or any part of […]
§ 31-7-79. Liability on Revenue Certificates; Tax Exemption
Neither the members of an authority nor any person executing certificates on behalf of an authority shall be personally liable thereon by reason of the issuance thereof. The certificates and other obligations of an authority shall not be, and shall so state on the face thereof, a debt of the city, the county, the state […]
§ 31-7-80. Form and Contents of Revenue Certificates; Validity of Signatures Thereon
Certificates of an authority shall be authorized by its resolution and may be issued in one or more series and shall bear such date or dates; mature at such time or times; bear interest at such rate or rates not exceeding 9 percent per annum; be in such denomination or denominations; be in such form, […]
§ 31-7-81. Confirmation and Validation of Revenue Certificates
Certificates of an authority shall be confirmed and validated in accordance with the procedure of Article 3 of Chapter 82 of Title 36; and, when validated, the judgment of validation shall be final and conclusive with respect to such certificates and against the authority issuing the same. In the event that the payments to be […]
§ 31-7-82. Enforcement of Rights of Revenue Certificate Holders; Procedure in Event of Default
Obligations of an authority evidenced by certificates and trust indentures and mortgages executed in connection therewith may contain such provisions not inconsistent with law as shall be determined by the authority. The authority may in such instruments provide for pledging of all or any part of its gross or net fees, tolls, charges, revenues, and […]
§ 31-7-83. Investment of Surplus Moneys and Moneys Received Through Issuance of Revenue Certificates
Pending use for the purpose for which received, each hospital authority created by and under this article is authorized and empowered to invest all moneys or any part thereof received through the issuance and sale of revenue certificates of the authority in any securities which are legal investments or which are provided for in the […]
§ 31-7-84. Payment for Authority’s Services and Facilities; Levy of Tax by Political Subdivisions; Compliance by Authority With County Budgetary Procedures
An authority shall have no power to tax, but upon the adoption of the resolution by the governing body or bodies of participating units or subdivisions as provided in this article and the execution of a contract for the use of facilities and services of the authority by political subdivisions or participating units as authorized […]
§ 31-7-85. Contracts With Political Subdivisions
For the purpose of using such facilities, any city or county is authorized by action of its governing body to enter into contracts with an authority for such periods of time not exceeding 40 years as shall be necessary to provide for the continued maintenance and use of the facilities of an authority. Sums due […]