Section 505 – Obligee rights — Board may confer other rights.
Effective 5/4/2022 11-65-505. Obligee rights — Board may confer other rights. (1) In addition to all other rights that are conferred on an obligee of a bond issued by the lake authority under this part, and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, […]
Section 506 – Bonds exempt from taxes — Lake authority may purchase its own bonds.
Effective 5/4/2022 11-65-506. Bonds exempt from taxes — Lake authority may purchase its own bonds. (1) A bond issued by the lake authority under this part is issued for an essential public and governmental purpose and is, together with interest on and income from the bond, exempt from all state taxes except the corporate franchise […]
Section 501 – Resolution authorizing issuance of lake authority bonds — Characteristics of bonds — Time limit for contesting bonds.
Effective 5/4/2022 11-65-501. Resolution authorizing issuance of lake authority bonds — Characteristics of bonds — Time limit for contesting bonds. (1) The lake authority may not issue bonds under this part unless the board first: (a) adopts a parameters resolution for the bonds that sets forth: (i) the maximum: (A) amount of bonds; (B) term; […]
Section 502 – Sources from which bonds may be made payable — Lake authority powers regarding bonds.
Effective 5/4/2022 11-65-502. Sources from which bonds may be made payable — Lake authority powers regarding bonds. (1) The principal and interest on bonds issued by the lake authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income and revenues of […]
Section 503 – Purchase of lake authority bonds.
Effective 5/4/2022 11-65-503. Purchase of lake authority bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by the lake authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to […]
Section 504 – Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
Effective 5/4/2022 11-65-504. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability. (1) A member of the board or other person executing a lake authority bond is not liable personally on the bond. (2) (a) A bond issued by the lake authority is not a general obligation or liability of […]