§39A-111 Definitions. Whenever used in this part, unless a different meaning clearly appears from the context: “Department” means the department of budget and finance. “Project” means any combination of land, buildings, and other improvements thereon, for use as a processing enterprise, including, without limiting the generality of the foregoing, machinery, equipment, furnishings, and apparatus which […]
§39A-112 Department powers as to processing enterprises. In addition to powers that it may now have, the department shall have all powers necessary or convenient to accomplish the purposes of this part. The powers of the department include but are not limited to the following: (1) Notwithstanding and without compliance with section 103-7 and chapter […]
§39A-113 Compliance with state and local law. The issuance of special purpose revenue bonds with respect to any project under this part shall not relieve any project party or other user of such project from the laws, ordinances, and rules and regulations of the State or any political subdivision thereof, or any departments or boards […]
§39A-114 Conditions precedent to negotiating and entering into a project agreement. (a) The department, prior to entering into negotiations with respect to a project agreement or at any time during negotiations, shall require that as a condition to the negotiations or the continuation thereof, the project party shall agree to pay all fees, costs, and […]
§39A-115 Project agreement. No special purpose revenue bonds shall be issued unless at the time of issuance the department shall have entered into a project agreement with respect to the project for the financing of which the revenue bonds are to be issued. Any project agreement entered into by the department shall contain provisions unconditionally […]
§39A-116 Issuance of special purpose revenue bonds to finance projects. (a) In addition to the other powers which it may otherwise have, the department may issue special purpose revenue bonds to finance, in whole or in part, the costs of facilities of, or for, or to loan the proceeds of such bonds to assist project […]
§39A-117 Authorization of special purpose revenue bonds. (a) Special purpose revenue bonds for each project or multiproject program shall be authorized by a separate act of the legislature, by an affirmative vote of two-thirds of the members to which each house is entitled; provided that the legislature shall find that the issuance of such bonds […]
§39A-118 Special purpose revenue bond anticipation notes. Whenever the department has authorized the issuance of special purpose revenue bonds under this part, special purpose revenue bond anticipation notes of the department may be issued in anticipation of the issuance of such bonds and of the receipt of the proceeds of sale thereof, for the purposes […]
§39A-119 Powers with respect to and security for special purpose revenue bonds. In order to secure the payment of any of the special purpose revenue bonds issued pursuant to this part, and interest thereon, or in connection with such bonds, the department shall have the power as to such bonds: (1) To pledge all or […]
§39A-120 Security for special purpose revenue bonds. Special purpose revenue bonds shall be payable solely from the revenues derived by the department from payments made to the department under the project agreement or other agreements entered into with respect to the project, and shall be secured solely by such revenues and by the pledges and […]
§39A-121 Special purpose revenue bonds not a general obligation of State. No holder or holders of any special purpose revenue bonds issued under this part shall ever have the right to compel any exercise of taxing power of the State to pay such bonds or the interest thereon and no moneys other than the revenues […]
§39A-122 Validity of special purpose revenue bonds. The special purpose revenue bonds bearing the signature or facsimile signature of officers in office on the date of the signing thereof shall be valid and sufficient for all purposes, notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon […]
§39A-123 Use of revenues derived from project agreement. The department shall have the right to appropriate, apply, or expend the revenues derived with respect to the project agreement for a project for the following purposes: (1) To pay when due all special purpose revenue bonds, premiums if any, and interest thereon, for the payment of […]
§39A-124 Special purpose revenue bonds exempt from taxation. Special purpose revenue bonds and the income therefrom issued pursuant to this part shall be exempt from all state and county taxation except inheritance, transfer, and estate taxes. [L 1981, c 121, pt of §2]
§39A-124.5 Federal tax exempt status. Special purpose revenue bonds issued pursuant to this part, to the extent practicable, shall be issued to comply with requirements imposed by applicable federal law providing that the interest on the special purpose revenue bonds shall be excluded from gross income for federal income tax purposes (except as certain minimum […]
§39A-125 Exemption from taxation of department property. All revenues derived by the department from any project or under the project agreement pertaining thereto shall be exempt from all state and county taxation. Any right, title, and interest of the department in any project shall also be exempt from all state and county taxation. Except as […]
§39A-126 Refunding special purpose revenue bonds. The legislature, by act enacted by an affirmative vote of two-thirds of the members to which each house is entitled, may authorize the issuance of refunding special purpose revenue bonds for the purpose of refunding any special purpose revenue bonds then outstanding and issued under this part, whether or […]
§39A-127 Status of special purpose revenue bonds under Uniform Commercial Code. Notwithstanding any of the provisions of this part or any recitals in any special purpose revenue bonds issued under this part, all such special purpose revenue bonds shall be deemed to be investment securities under the Uniform Commercial Code, chapter 490, subject only to […]
§39A-128 Special purpose revenue bonds as legal investments and lawful security. The special purpose revenue bonds issued pursuant to this part shall be legal and authorized investments for banks, savings banks, trust companies, savings and loan associations, insurance companies, credit unions, fiduciaries, trustees, guardians, and for all public funds of the State or other political […]
§39A-129 Access to and public disclosure of financial records of project party. (a) Each project party with a project agreement with the department shall allow the department full access to the project party’s financial records. Upon the request of the department for the examination of any such financial records, the project party shall allow the […]
