Section 28-18-19 – Findings and determinations binding on municipality.
28-18-19. Findings and determinations binding on municipality. The findings and determinations authorized in §§28-18-7 to 28-18-18, inclusive, shall constitute binding representations, recitals, and covenants of each municipality issuing revenue bonds hereunder to and with the purchasers and holders of all such bonds. Source: SL 1963, ch 286, §2.
Section 28-18-20 – Severability of provisions.
28-18-20. Severability of provisions. If any provision of §§28-18-7 to 28-18-19, inclusive, or any resolution or resolutions authorizing the issuance of bonds pursuant to said sections, or the application thereof to any person or circumstances, shall be held invalid in any legal proceedings, such invalidity shall not affect other provisions or applications of said sections […]
Section 28-18-8 – Authorization, issuance, and sale of bonds.
28-18-8. Authorization, issuance, and sale of bonds. All bonds shall be authorized, issued, and sold as provided in chapter 6-8B and §9-54-12. Source: SL 1963, ch 286, §1; SL 1984, ch 43, §105.
Section 28-18-9 – Municipal revenue bonds payable solely from revenues–Credit and taxing power not pledged–Indebtedness not within constitutional limits.
28-18-9. Municipal revenue bonds payable solely from revenues–Credit and taxing power not pledged–Indebtedness not within constitutional limits. Such revenue bonds shall be payable solely from and shall constitute a lien upon the gross revenues derived from and traceable to properties acquired by the expenditure of the proceeds of revenue bonds, or of bonds refunded thereby, […]
Section 28-18-11 – Covenants and agreements in municipal revenue bonds for protection of bondholders–Remedies of bondholders.
28-18-11. Covenants and agreements in municipal revenue bonds for protection of bondholders–Remedies of bondholders. By the resolution or ordinance authorizing revenue bonds, the governing body may make and enter into on the part of the municipality covenants and agreements with the purchasers and holders thereof from time to time concerning minimum rentals and charges, continuance […]
Section 28-18-12 – Reference in bonds to authorizing resolutions–Negotiability.
28-18-12. Reference in bonds to authorizing resolutions–Negotiability. Bonds issued pursuant to §28-18-7 may refer to the authorizing resolution or resolutions for matters not expressed in the bonds, but they shall be negotiable investment securities within the meaning of chapter 57A-8, notwithstanding any conditions expressed therein or in the resolutions. Source: SL 1963, ch 286, §5; […]
Section 28-18-14 – Special fund created prior to delivery of bonds–Gross receipts pledged to fund.
28-18-14. Special fund created prior to delivery of bonds–Gross receipts pledged to fund. Prior to delivery of any such bonds, the governing body shall by the resolutions required by §28-18-7 create a special fund and appropriate and pledge thereto all gross receipts in respect of rentals, fees, licenses, and other charges however designated, imposed by […]
Section 28-18-17 – Rentals and charges established by municipality–Expenses and bond retirement covered by revenues.
28-18-17. Rentals and charges established by municipality–Expenses and bond retirement covered by revenues. The governing body of each municipality issuing bonds under §28-18-7 shall have the authority, and it shall be its duty, to establish and collect reasonable rentals or charges for the use and occupancy of and for the services furnished at such facilities. […]
Section 28-18-17.1 – Lease-purchase agreements authorized–Pledge of facility and net earnings to payment of bonds and interest.
28-18-17.1. Lease-purchase agreements authorized–Pledge of facility and net earnings to payment of bonds and interest. The governing body of each municipality shall have the power to enter into lease-purchase agreements for a term not to exceed the maturity of the bonds issued under §28-18-7 by ordinance with any person, firm, or corporation for such facilities. […]
Section 28-18-18 – Operational expenses paid from special fund–Appropriations for payment of bonds.
28-18-18. Operational expenses paid from special fund–Appropriations for payment of bonds. From the fund created pursuant to §28-18-14 shall be paid as incurred and allowed all normal, reasonable, and current expenses of the operation and maintenance of the facilities, and the revenues remaining in said fund from time to time after payment of such expenses […]