§ 36-42-5. Activation of Authority by Resolution; Filing of Resolution With Secretary of State and Department of Community Affairs; Comments by Department of Community Affairs
No authority shall transact any business or exercise any powers under this chapter until the governing body of the municipal corporation shall, by proper resolution, declare that there is a need for an authority to function in such municipal corporation, thereby activating the authority. In its resolution, the governing body shall designate as the downtown […]
§ 36-42-6. Action by Resolution Subsequent to Activating Authority
The governing body of the municipal corporation may, by proper resolution adopted subsequent to its resolution activating its authority: Change its designation of the downtown development area to a geographical area within the municipal corporation which, in the judgment of the governing body, at the time constitutes the central business district, provided that any such […]
§ 36-42-7. Qualifications and Reimbursement of Directors; Election of Officers; Training
Directors shall be: Taxpayers residing in the municipal corporation for which the authority is created; Owners or operators of businesses located within the downtown development area and who shall be taxpayers residing in the county in which is located the municipal corporation for which the authority is created; or Persons having a combination of the […]
§ 36-42-8. Powers of Authorities Generally
Each authority shall have all of the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, without limiting the generality of the foregoing, the power: To bring and defend actions; To adopt and amend a corporate seal; To make and execute contracts, agreements, and other instruments necessary […]
§ 36-42-9. Revenue Bonds Generally
Revenue bonds, notes, or other obligations issued by an authority shall be paid solely from the property (including, but not limited to, real property, fixtures, personal property, revenues, or other funds) pledged, mortgaged, conveyed, assigned, hypothecated, or otherwise encumbered to secure or to pay such bonds, notes, or other obligations. All revenue bonds, notes, and […]
§ 36-42-10. Applicability of “Revenue Bond Law”; Form and Provisions for Exchange and Transfer of Bonds; Certificate of Validation; Specification of Interest Rates in Notice to District Attorney or Attorney General
All bonds issued by the authority under this chapter shall be issued and validated under and in accordance with Article 3 of Chapter 82 of this title, the “Revenue Bond Law,” except as provided in this chapter, provided that notes and other obligations of the authority may, but shall not be required to, be so […]
§ 36-42-11. Agreements and Instruments of Authority Generally; Use of Proceeds; Subsequent Issues; Bond Anticipation Notes
Subject to the limitations and procedures provided by this Code section and by Code Section 36-42-10, the agreements or instruments executed by an authority may contain such provisions not inconsistent with law as shall be determined by the board of directors of the authority. The proceeds derived from the sale of all bonds, notes, and […]