It is the intent of the Legislature to provide a means, in addition to the incorporation of districts authorized in Sections 19-5-151 through 19-5-207, by which not-for-profit corporations or associations involved in the sale, transmission and distribution of potable water to members of the public and others may convert their entity status from that of […]
The application for reconstitution and certificate of incorporation shall be signed and acknowledged by a majority of the board of directors of the qualified corporation. When the application for reconstitution and certificate of incorporation and other required documents have been so filed with and accepted by the Secretary of State, as evidenced by the issuance […]
The water authority shall have a board of directors composed of the number of directors provided in the application for reconstitution and certificate of incorporation, which shall not be fewer than five (5) directors. All powers of the water authority shall be exercised by the board or under its authorization. The directors shall be elected […]
The officers of the water authority shall consist of a chairman, vice chairman, a secretary, a treasurer, and such other officers as the board deems necessary to accomplish the purposes for which the water authority was organized. All officers of the water authority shall be persons who receive water service from the water authority. The […]
The water authority shall have the following powers, acting either individually or jointly with other water authorities or public entities, together with all powers incidental thereto or necessary to the discharge thereof: To have succession in its designated name; To sue and be sued and to prosecute and defend suits in any court having jurisdiction […]
Each project, all the water authority’s interest therein, and all income from the project, is determined and declared by the Legislature to be public property used exclusively for a public purpose and shall be exempt from ad valorem taxation by all taxing authorities.
The water authority is authorized at any time, and from time to time, to issue its bonds for the purpose of acquiring, constructing, improving, enlarging, completing and equipping one or more projects. Before the water authority’s proposed issuance of bonds, the water authority shall publish one (1) time in a newspaper of general circulation in […]
Bonds shall be executed by the manual or facsimile signature of the chairman of the water authority and by manual or facsimile signature of the secretary of the water authority. In case any of the officers whose signatures appear on the bonds cease to be that officer before the delivery of the bonds, their signatures […]
The principal of, and interest, if any, on the bonds, may be secured by a pledge of the revenues of the water authority of that project financed by the water authority through its issuance of bonds, or from any other source that the water authority may deem necessary and appropriate, and may be secured by […]
The principal of and interest, if any, on bonds issued under the authority of this chapter shall be exempt from all state, county and municipal taxes. This exemption shall include income, inheritance and estate taxes.
The proceeds derived from all of the bonds, other than refunding bonds, may be used only to pay the costs of acquiring, constructing, improving, enlarging and equipping the project with respect to which they were issued, as may be specified in the proceedings in which the bonds are authorized to be issued and all costs […]
As used in this chapter, unless the context otherwise requires: “Board” means the board of directors of the water authority; “Bond” means any bond, promissory note, lease purchase agreement or other evidence of indebtedness of any nature along with all debt securing instruments of every nature related thereto; “Indenture” means a mortgage, an indenture of […]
The water authority may at any time, and from time to time, issue refunding bonds for the purpose of refunding the principal of and interest, if any, on any bonds of the water authority previously issued under this chapter and then outstanding, whether or not the principal and interest have matured at the time of […]
This chapter shall be deemed to be full and complete authority for the creation of water authorities and the issuance of bonds as set forth in this chapter. No proceedings shall be required for the creation of water authorities or the issuance of bonds other than those provided for and required in this chapter. The […]
This chapter shall be liberally construed in conformity with its intent. All acts and activities of the water authority performed under the authority of this chapter are legislatively determined and declared to be essential governmental functions.
There is conferred upon a water authority, the authority to take such action and to do, or cause to be done, such things as are necessary or desirable to accomplish and implement the purposes and intent of this chapter according to the import of this chapter.
Whenever a qualified corporation desires to convert into and become reconstituted and reincorporated as a water authority under this chapter, the qualified corporation shall present to and file with the Secretary of State: Its resolution duly adopted by the board of directors of the qualified corporation that evidences the desire of the qualified corporation to […]
