§ 12-10-101. Short Title
This chapter shall be known and may be cited as the “Public Building Authorities Act of 1971.”
§ 12-10-102. Purposes — Liberal Construction
It is hereby found and declared that there exist in many municipalities within this state inadequate and outmoded public buildings, structures, and facilities for the furnishing of governmental, educational and other public services and for use in the conduct of government by the various branches, departments and agencies thereof; that in many cases, by reason […]
§ 12-10-103. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Authority” or “public building authority” means any public corporation organized pursuant to this chapter; “Bonds” or “revenue bonds” means bonds, notes, interim certificates or other obligations of an authority issued pursuant to this chapter, or pursuant to any other law, as supplemented by, or in […]
§ 12-10-104. Application to Governing Body for Approval of Incorporation
Whenever any number of natural persons, not less than three (3), each of whom shall be a duly qualified elector of the county or of the incorporated city or town or each of whom shall be a current customer of the utility district, shall file with the governing body thereof an application in writing seeking […]
§ 12-10-105. Certificate of Incorporation — Contents
The certificate of incorporation shall set forth: The names and residences of the applicants together with a recital that each of them is an elector of the county or of the incorporated city or town or is a customer of the utility district. The name of the authority which shall be public building authority of […]
§ 12-10-106. Filing and Approval of Certificate of Incorporation
When executed and acknowledged in conformity with § 12-10-105, the certificate of incorporation shall be filed with the secretary of state. The secretary of state shall thereupon examine the certificate of incorporation and, if the secretary of state finds that the recitals contained therein are correct, that the requirements of § 12-10-104 have been complied […]
§ 12-10-107. Amendment of Certificate of Incorporation
The certificate of incorporation may at any time and from time to time be amended so as to make any changes therein and add any provisions thereto which might have been included in the certificate of incorporation in the first instance. Any such amendment shall be effected in the following manner: the members of the […]
§ 12-10-108. Board of Directors — Executive Committee — Administrator — Consent Action
The authority shall have a board of directors in which all corporate powers of the authority shall be vested and which shall consist of any number of directors, no less than seven (7), all of whom shall be duly qualified electors of the municipality. The directors shall serve as such without compensation, except that they […]
§ 12-10-109. Powers of Authorities
Each public building authority created pursuant to this chapter shall be a public nonprofit corporation and a public instrumentality of the municipality with respect to which the authority is organized. The authority has the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated, to: Have succession by […]
§ 12-10-110. Acceptance of Donations
For the purpose of aiding and cooperating with an authority, the municipality, with respect to which such authority is created, may assign or loan any of its employees, including its engineering staff and facilities, and may provide necessary office space, equipment, or other facilities for the use of such authority. The governing body of such […]
§ 12-10-111. Bonds of the Authority — Issuance — Terms — Refunding — Payment
Except as herein otherwise expressly provided, all bonds issued by the authority shall be payable solely out of the revenue and receipts derived from the authority’s projects or of any thereof as may be designated in the proceedings of the board of directors under which the bonds shall be authorized to be issued, including debt […]
§ 12-10-112. Security for Bonds — Enforcement — Revision of Lease, Loan Agreement or Sales Contract Charges
The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues and receipts out of which the same shall be made payable and may be secured by a mortgage or deed of trust covering all or any part of the projects from which the revenues […]
§ 12-10-113. Tax Exemption — Status Under Securities Law
The authority is hereby declared to be performing a public function in behalf of the municipality with respect to which it is organized, and to be a public instrumentality of such municipality. Accordingly, the authority and all properties at any time owned by it, and the income therefrom, and all bonds issued by it, and […]
§ 12-10-114. Nonliability of Municipality
The municipality shall not in any event be liable for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever which may be undertaken by the authority, and none of the bonds of the authority or […]
§ 12-10-115. Payments Under Lease, Loan Agreement, Sales Contract or Operating Contract — Tax and Other Methods
Except as provided in subsections (b) and (c), whenever, and as often as, a municipal corporation having taxing power enters into a lease, loan agreement, sales contract or operating contract with a public building authority or other contracting party under this chapter, the governing body of such municipal corporation shall provide by resolution for the […]
§ 12-10-116. Municipal Leases, Loan Agreements, Sales Contracts or Operating Contracts Authorized — Agreements Relating to Interest Rates
Any municipal corporation is authorized to enter into such leases, loan agreements, sales contracts or operating contracts by resolution of its governing body or, in the case of such agreements or contracts for the financing of a project or projects eligible to be financed pursuant to title 7, chapter 34, with a term of not […]
§ 12-10-117. Execution of Leases, Contracts and Deeds
Except as otherwise provided in this chapter, all leases, contracts, deeds of conveyance, or instruments in writing executed by the authority shall be executed in the name of the authority by the chair and secretary of the authority, or by such other officers as the board of directors, by resolution, may direct, and the seal […]
§ 12-10-118. Status as Nonprofit Corporation — Disposition of Earnings
The authority shall be a public nonprofit corporation and no part of its net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the board shall determine that sufficient provision has been made for the full payment of the expenses, bonds […]
§ 12-10-119. Dissolution of Authority
Whenever the board of directors of an authority shall by resolution determine that there has been substantial compliance with the purposes for which the authority was formed and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the members of the board shall thereupon execute and file for […]
§ 12-10-120. Joint Operation of Authorities
The powers herein conferred upon authorities created under this chapter may be exercised by two (2) or more such authorities acting jointly. Two (2) or more municipalities may by acting jointly incorporate a public building authority to effectuate the purposes of this chapter. When two (2) or more municipalities incorporate such an authority, each and […]