Section 9-40-16 – Pledge of revenue to separate fund–Separate account for bond payments and reserve–Depreciation account and operational costs.
9-40-16. Pledge of revenue to separate fund–Separate account for bond payments and reserve–Depreciation account and operational costs. At or before the issuance of such revenue bonds the governing body by ordinance or resolution shall set aside, appropriate, and pledge the income and revenues of such utility, or such specified portion thereof as shall be determined […]
Section 9-40-17 – Revenue pledged to payment of extension and improvement bonds–Prior pledge for original bond issue.
9-40-17. Revenue pledged to payment of extension and improvement bonds–Prior pledge for original bond issue. If revenue bonds were issued pursuant to this chapter to make extensions, additions, or improvements to a utility previously owned by the municipality, then only the net income or revenues from such utility as so extended, added to, or improved […]
Section 9-40-18 – Taxing power not used for payment of revenue bonds–Restriction on use of other municipal funds.
9-40-18. Taxing power not used for payment of revenue bonds–Restriction on use of other municipal funds. The taxing powers of such municipality shall never be used for the payment of either the principal of or interest on revenue bonds issued pursuant to this chapter or any part thereof. No other funds or revenues or property […]
Section 9-40-19 – Chapter and resolution or ordinance incorporated in terms of bonds.
9-40-19. Chapter and resolution or ordinance incorporated in terms of bonds. Revenue bonds issued pursuant to this chapter shall refer expressly to the resolution or ordinance, this chapter and any acts amendatory thereto and shall state that they are subject to all of the provisions and limitations thereof, and thereby all provisions and limitations of […]
Section 9-40-8 – Provision for additional bond issues of equal standing.
9-40-8. Provision for additional bond issues of equal standing. Any municipality may at the time of the issuance of revenue bonds for acquisition, extensions, or improvements of any utility provide for additional bonds of the same issue for extensions, additions, and permanent improvements, to be negotiated from time to time as may be necessary to […]
Section 9-40-9 – Provision for extension or improvement of utility by additional bond issue–Junior to prior issues.
9-40-9. Provision for extension or improvement of utility by additional bond issue–Junior to prior issues. In like manner such municipality acquiring or improving any utility under the provisions hereof may provide for additions to and extensions or improvements of such utility by an additional issue or issues of bonds in the manner and form provided […]
Section 9-40-10 – Resolution or ordinance to refer to chapter–Purchase price for utility to be specified.
9-40-10. Resolution or ordinance to refer to chapter–Purchase price for utility to be specified. The resolution or ordinance shall provide that the proposed utility or the proposed extensions, additions, and improvements thereto, are to be acquired pursuant to the provisions of this chapter. It shall further describe or specify the agreed price for the purchase […]
Section 9-40-11 – Ordinance provisions for utility operation and security of bondholders.
9-40-11. Ordinance provisions for utility operation and security of bondholders. A municipality acquiring, adding to, improving, or extending any utility under the provisions of this chapter may provide by ordinance or resolution duly adopted by its governing body any such lawful provisions and stipulations for the proper operation and maintenance thereof, the administration of the […]
Section 9-40-1 – Municipal power to acquire and operate utility systems–Types of services provided–Limits of service area.
9-40-1. Municipal power to acquire and operate utility systems–Types of services provided–Limits of service area. Any municipality may purchase, construct, or otherwise acquire, establish, equip, maintain, operate, extend, or improve any system or part of system for the purpose of providing electric, gas, or other light, heat, and power for municipal, industrial, and domestic purposes; […]
Section 9-40-2 – Systems defined as utilities.
9-40-2. Systems defined as utilities. The term “utility” as used in this chapter means any system or part of system as referred to in §9-40-1, and any extensions, additions, improvements, or appurtenances to any such system or combination of systems; or a drainage basin utility district established pursuant to chapter 46A-10B. Source: SL 1931, ch […]