Section 305 – Powers and duties of authority.
Effective 5/4/2022 63B-1-305. Powers and duties of authority. (1) The authority shall have perpetual succession as a body politic and corporate. (2) The authority may: (a) sue and to be sued in its own name; (b) have, and alter at will, an official seal; (c) contract with experts, advisers, consultants, and agents for needed services; […]
Section 306 – Obligations issued by authority — Limitation of liability on obligations — Limitation on amount of obligations issued.
Effective 5/5/2021 63B-1-306. Obligations issued by authority — Limitation of liability on obligations — Limitation on amount of obligations issued. (1) (a) All obligations issued by the authority under this part shall be limited obligations of the authority and may not constitute, nor give rise to, a general obligation or liability of, nor a charge […]
Section 307 – Lease of facilities to state bodies — Rental.
63B-1-307. Lease of facilities to state bodies — Rental. (1) The authority and state bodies shall enter into leases or agreements for the use and occupancy of any portion of any facility constructed or acquired under this part. (2) The leases or agreements may provide for the operation, maintenance, and insurance of the facility. (3) […]
Section 308 – Payment of obligations out of rentals — Other governmental entities not liable for payment — Appropriations for increased rentals — Defaulting bodies to quit premises.
63B-1-308. Payment of obligations out of rentals — Other governmental entities not liable for payment — Appropriations for increased rentals — Defaulting bodies to quit premises. (1) Except as secured as provided in this part: (a) each obligation issued or caused to be issued by the authority, and the interest on that obligation, is payable […]
Section 309 – Securing of obligations — Provisions in mortgages given as security — Procedure upon default.
63B-1-309. Securing of obligations — Provisions in mortgages given as security — Procedure upon default. (1) The principal and interest on any obligation issued under this part: (a) shall be secured by a pledge and assignment of the revenues out of which that obligation shall be made payable; (b) may be secured by a mortgage […]
Section 310 – Proceeds from sale of obligations — Use.
63B-1-310. Proceeds from sale of obligations — Use. (1) The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued. (2) Any accrued interest and premium received upon the sale, and any portion of the proceeds that may not be needed for […]
Section 311 – Cost of acquiring or constructing facility.
63B-1-311. Cost of acquiring or constructing facility. The cost of acquiring or constructing any facility shall be considered to include the following: (1) the actual cost of acquiring or improving real estate; (2) the actual cost of enlarging, constructing, reconstructing, improving, replacing, restoring, renovating, maintaining, equipping, or furnishing all or any part of a facility, […]
Section 312 – Signature of former member or officer of authority — Continuing validity.
63B-1-312. Signature of former member or officer of authority — Continuing validity. If any of the members or officers of the authority no longer occupy their position at the time of the delivery of any obligations signed by them, their signatures or facsimiles of their signatures are valid and sufficient for all purposes, as if […]
Section 201 – Members — Powers and duties — Per diem.
63B-1-201. Members — Powers and duties — Per diem. (1) There is created a State Bonding Commission composed of: (a) the governor; (b) the state treasurer; and (c) a third person appointed by the governor to serve a four-year term, who is a member of a political party different from that of the governor. (d) […]
Section 202 – Bond legislation to contain operation cost estimates of funded projects.
63B-1-202. Bond legislation to contain operation cost estimates of funded projects. (1) As used in this section, “capital projects” means buildings but does not include highways, roads, or capital improvements to buildings. (2) All legislation authorizing the commission to issue bonds for the acquisition and construction of capital projects shall contain an estimate of the […]