Section 9-55-5 – Appointment of business improvement board–Designation of boundaries of district–Duties of board–Proposal of more than one district as part of same development plan.
9-55-5. Appointment of business improvement board–Designation of boundaries of district–Duties of board–Proposal of more than one district as part of same development plan. The mayor shall, with the approval of the governing body, appoint a business improvement board consisting of property owners, residents, business operators or users of space within the business area to be […]
Section 9-54-3.1 – “Revenue agreement” defined.
9-54-3.1.”Revenue agreement” defined. Revenue agreement, as the term is used in this chapter, is any written agreement between a municipality and another person, firm, limited liability company, corporation, or governmental entity with respect to a project whereby such other person, firm, limited liability company, corporation, or governmental entity agrees to pay to the municipality or […]
Section 9-54-4 – Costs to be covered by bonds–Authorization, issuance and sale of bonds.
9-54-4. Costs to be covered by bonds–Authorization, issuance and sale of bonds. Bonds may be issued in amounts as may be necessary to provide sufficient funds to pay all the costs of purchase or construction of each project which under accepted accounting practice are capital costs, including goodwill and other intangible costs, as well as […]
Section 9-54-5 – Amount of bond issue limited by costs.
9-54-5. Amount of bond issue limited by costs. In no case shall any revenue bonds be issued for an amount in excess of the actual cost of the project, including the site therefor and all other items referred to in §9-54-4. Source: SL 1964, ch 148, §6; SL 1973, ch 59, §5.
Section 9-54-6 – Bonds not general obligations nor payable by taxation–Recitals in bonds.
9-54-6. Bonds not general obligations nor payable by taxation–Recitals in bonds. Revenue bonds issued pursuant to this chapter shall not be general obligations of the municipality nor shall they be payable in any manner by taxation. Such revenue bonds shall recite the authority under which they are issued, and shall state that they are issued […]
Section 9-54-7 – Mortgage of project and pledge of revenues to payment of bonds–Trust funds–Other covenants and agreements.
9-54-7. Mortgage of project and pledge of revenues to payment of bonds–Trust funds–Other covenants and agreements. The governing body of the municipality may, by ordinance, resolution, or by a trust indenture executed under authority of a resolution or ordinance, pledge the revenues of the project and any other security of whatsoever nature, offered by the […]
Section 9-54-8 – Lease or sale payments sufficient to pay bonds and costs–Payments in lieu of property taxes.
9-54-8. Lease or sale payments sufficient to pay bonds and costs–Payments in lieu of property taxes. Revenue agreements pursuant to §9-54-3.1 shall provide for contractual payments sufficient to pay the principal, premium, if any, and interest on any bonds issued by the municipality under the resolution or ordinance or trust indenture, when due or subject […]
Section 9-54-8.1 – Lease with option to purchase–Title acquired before bonds retired–Pledge for payment of bonds.
9-54-8.1. Lease with option to purchase–Title acquired before bonds retired–Pledge for payment of bonds. Any lease agreement may grant an option to the lessee to purchase the project at a price and upon other conditions sufficient to assure the payment and redemption of the bonds and payment and reimbursement of all such other charges and […]
Section 9-53-13 – Levy and collection of special assessments–Assessment bonds.
9-53-13. Levy and collection of special assessments–Assessment bonds. Special assessments may be made, levied, and collected and assessed and assessment bonds may be issued to finance the improvement all as now provided by chapter 9-43. Assessment bonds shall be called public convention hall bonds. Source: SL 1967, ch 230, §10.
Section 9-53-14 – Contract or assessment not invalidated by irregularity–Determination of governing body conclusive.
9-53-14. Contract or assessment not invalidated by irregularity–Determination of governing body conclusive. No contract made or assessment levied for any such improvement shall be void by reason of any defect or irregularity in the resolution of necessity or notice or in the publication thereof, and the determination of the governing body as to the sufficiency […]