Section 15-9-128 – Investment of Funds in Bonds Authorized; Duty of Care.
15-9-128. Investment of funds in bonds authorized; duty of care. (a) Anyone carrying on a banking or investment business or an insurance business and all fiduciaries may legally invest any monies or other funds belonging to them or within their control in any bonds or other obligations issued by a municipality pursuant to this chapter. […]
Section 15-9-129 – Exemption of Property From Execution; Exception.
15-9-129. Exemption of property from execution; exception. All property of a municipality or agency, including funds owned or held by it for the purposes of this chapter, are exempt from levy and sale by virtue of any execution. No execution or other judicial process shall issue against the property nor shall judgment against a municipality […]
Section 15-9-130 – Exemption of Property From Taxation; Termination Thereof.
15-9-130. Exemption of property from taxation; termination thereof. The property of a municipality or agency acquired or held for the purposes of this chapter, is public property used for essential public and governmental purposes. The property is exempt from all taxes of the municipality, the county, the state or any political subdivision thereof. However, the […]
Section 15-9-131 – Powers of Municipality, Public Body in Aiding Project.
15-9-131. Powers of municipality, public body in aiding project. (a) To aid in the planning, undertaking or carrying out of an urban renewal project and related activities authorized by this chapter located within the area in which it is authorized to act, any public body or municipality, upon terms and with or without consideration as […]
Section 15-9-132 – Instruments Presumed Properly Executed.
15-9-132. Instruments presumed properly executed. Any instrument executed by a municipality and purporting to convey the right, title or interest in any property under this chapter is conclusively presumed to have been executed in compliance with the provisions hereof insofar as title or other interest of any bona fide purchasers, lessees or transferees of the […]
Section 15-9-123 – Bonds; Resolution or Ordinance; Characteristics.
15-9-123. Bonds; resolution or ordinance; characteristics. Bonds issued under this chapter shall be authorized by resolution or ordinance of the local governing body. The bonds may be issued in one (1) or more series and shall bear the date or dates, be payable upon demand or mature at the time or times, bear interest at […]
Section 15-9-124 – Bonds; Sale or Exchange.
15-9-124. Bonds; sale or exchange. Bonds may be sold at not less than par at public sales held after notice published prior to the sale in a newspaper having a general circulation in the area of operation and in any other medium of publication as the municipality determines or may be exchanged for other bonds […]
Section 15-9-125 – Bonds; Signatures and Negotiability.
15-9-125. Bonds; signatures and negotiability. If any of the public officials of the municipality whose signatures appear on any bonds or coupons issued under this chapter cease to be officials before the delivery of the bonds, the signatures are valid and sufficient for all purposes, the same as if the officials had remained in office […]
Section 15-9-118 – Property Acquired in Project; Disposition When Area Designated Under Federal Provisions.
15-9-118. Property acquired in project; disposition when area designated under federal provisions. Notwithstanding any other provisions of this chapter, if the municipality is situated in an area designated as a redevelopment area under the Federal Area Redevelopment Act 42 U.S.C. 3161 et seq., land in an urban renewal project area designated under the urban renewal […]
Section 15-9-119 – Bonds Authorized; Payment Thereof; Security.
15-9-119. Bonds authorized; payment thereof; security. (a) A municipality is empowered to issue: (i) Revenue bonds to finance the undertaking of any urban renewal project under this chapter, including, without limiting the generality thereof, the payment of principal and interest upon any advances for surveys and plans or preliminary loans; and (ii) Refunding bonds for […]