Section 45-54-21. – Limitation of powers.
§ 45-54-21. Limitation of powers. The state pledges to and agrees with the holders of any bonds or notes issued by the corporation, that the state will not limit or alter the rights vested in the corporation to fulfill the terms of any agreements made with the holders until those bonds or notes, together with […]
Section 45-54-22. – Annual report and audit.
§ 45-54-22. Annual report and audit. Within one hundred twenty (120) days from the close of its fiscal year, the corporation shall make an annual report to the chief executive officer and legislative body of the municipality of its activities for the preceding fiscal year. Each report shall present a complete operating and financial statement […]
Section 45-54-23. – Transfers to governmental body.
§ 45-54-23. Transfers to governmental body. When all bonds issued under the provisions of the chapter for each specific project and their interest have been paid, or a sufficient amount for the payment of all the bonds and their interest to the maturity of the bonds have been set aside in trust for the benefit […]
Section 45-54-8. – Acquisition and construction of projects — Lease or sale — Conveyance to corporation — Request for project.
§ 45-54-8. Acquisition and construction of projects — Lease or sale — Conveyance to corporation — Request for project. (a) In order to benefit the people of the municipality and to provide for their general health and welfare through economic development, and to maintain the high standards of a detention facility and public equipment, the […]
Section 45-54-9. – Eminent domain proceedings.
§ 45-54-9. Eminent domain proceedings. (a) The corporation has the right to acquire any land, or any interest in it, including development rights, by the exercise of the power of eminent domain, whenever it is determined by the corporation that the acquisition of the land, or interest, is necessary for the construction or the operation […]
Section 45-54-10. – Revenue bonds.
§ 45-54-10. Revenue bonds. (a) The corporation is authorized to provide by resolution for the issuance, at one time or from time to time, of revenue bonds of the corporation for the purpose of paying all or part of the cost of any one or more projects, the construction or acquisition of which is authorized […]
Section 45-54-11. – Trust agreement.
§ 45-54-11. Trust agreement. In the discretion of the corporation, any bonds issued under the provisions of this chapter may be secured by a trust agreement by and between the corporation and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state. […]
Section 45-54-12. – Revenues.
§ 45-54-12. Revenues. (a) The corporation is authorized and empowered to fix, revise, and collect from time to time, subject to the provisions of this chapter, fees, rentals, and other charges for the use of projects of, or the services rendered by the corporation to pay: (1) The cost of maintaining, repairing, and operating the […]
Section 45-54-13. – Trust funds.
§ 45-54-13. Trust funds. All moneys received pursuant to the provisions of this chapter, whether as proceeds from the sale of bonds or as revenues, are deemed to be trust funds, to be held and applied as may be provided in the resolution authorizing the issuance of the bonds or the trust agreement securing the […]
Section 45-54-14. – Remedies.
§ 45-54-14. Remedies. Any holder of bonds issued under the provisions of this chapter, or of any of the coupons appertaining to the bonds, and the trustee under the trust agreement or the resolution, except to the extent the rights given by this chapter may be restricted by the trust agreement or the resolution, may, […]