§ 7-36-101. Short Title
This chapter shall be known and may be cited as the “Municipal Energy Authority Act”.
§ 7-36-102. Chapter Definitions
As used in this chapter: “Acquire” means to construct or to acquire by purchase, lease, lease-purchase, devise, gift, exercise of the power of eminent domain, or exercise of any other mode of acquisition; “Associated municipality” means a municipality that is located in a county having a population of three hundred thirty-five thousand (335,000) or less, […]
§ 7-36-103. Formation of Authority
If the governing body of an associated municipality, by appropriate resolution, duly adopted by a two-thirds (2/3) or greater vote, finds and determines that it is wise, expedient, necessary, or advisable that an authority be formed, it shall authorize the mayor of the associated municipality or other person to proceed to form an authority, and […]
§ 7-36-104. Certificate of Incorporation
The certificate of incorporation shall set forth: The name of the authority; A recital that permission to organize the authority has been granted by resolution duly adopted by the governing body of the associated municipality and the date of the adoption of the resolution; The location of the principal office of the authority; The purposes […]
§ 7-36-105. Filing and Approval of Certificate of Incorporation — Creation of Authority — Corporate Name
When executed and acknowledged in conformity with § 7-36-104, the certificate of incorporation shall be filed with the secretary of state. The secretary of state shall examine the certificate of incorporation and, if the secretary of state finds that the recitals contained in the certificate of incorporation are correct, that the requirements of § 7-36-104 […]
§ 7-36-106. Amendment of Certificate of Incorporation
The certificate of incorporation may, at any time, be amended so as to make any changes in the certificate of incorporation and add any provisions to the certificate of incorporation that might have been included in the original certificate of incorporation. An amendment to the certificate of incorporation shall be effected in the following manner: […]
§ 7-36-107. Powers of Authority
The authority is authorized, effective immediately upon the effective date of its formation, either singly or jointly with one (1) or more persons, municipalities, or federal agencies, or with this state, or with one (1) or more agencies or instrumentalities of this state or any municipality: To sue and be sued; To have a seal […]
§ 7-36-108. Independent Operation of Utility System
Each system of the authority shall operate independently of the others and shall be self-sustaining, except insofar as the board may by resolution combine any of the systems which, in the opinion of the board, shall be advisable and economical and which by the general laws of the state or any federal laws or any […]
§ 7-36-109. Powers of Board of Directors
The affairs of the authority and the exercise of the powers of the authority shall be vested in the board of directors. The following powers shall be exercised directly by the board by resolution of the board: Selection and employment of the president, who shall serve as the chief executive officer of the authority, who […]
§ 7-36-110. Appointment of Directors — Chair and Vice Chair — Meetings — Removal From Office
The initial board of directors of the authority shall be composed of the members of the board of directors of the supervisory board, who shall serve as directors for the unexpired terms of their appointment to the board of directors of the supervisory board and who shall take office and begin exercising the powers granted […]
§ 7-36-111. President
The board shall appoint a president, as provided in § 7-36-109(a)(1), who shall be chief executive officer of the authority. The salary of the president shall be fixed by the board, and the board may enter into an employment contract with the president for a term of no more than five (5) years containing such […]
§ 7-36-112. Policy Governing Purchases of Services or Property, Leases and Lease-Purchases, and Disposition of Property — Power to Dispose of Electric Plant
The board shall adopt a policy governing all purchases of services or property, whether real or personal, all leases and lease-purchases, and the disposition of all property of the authority. The policy shall authorize the president, the president’s designee, or such other officer or person as may be authorized by the board, to enter into […]
§ 7-36-113. Issuance of Bonds — Proceeds of Sale of Bonds
The authority shall have power and is authorized to issue its bonds for the construction, acquisition, reconstruction, improvement, betterment, or extension of any system of the authority or to assume and to agree to pay any indebtedness incurred for any of the foregoing purposes. The proceeds of the sale of any bonds may be applied […]
§ 7-36-114. Resolution Authorizing Issuance or Assumption of Bonds — Repurchase of Bonds — Temporary Bonds — Contract or Agreement Facilitating Issuance and Sale of Bonds
No bonds shall be issued or assumed under this chapter unless authorized to be issued or assumed by resolution of the board, which resolution may be adopted at the same meeting at which it is introduced by a majority of all members then in office, and shall take effect immediately upon adoption. Bonds authorized to […]
§ 7-36-115. Power to Secure Bonds and to Covenant as to Bonds
In order to secure the payment of the principal and interest on the bonds issued under this chapter, or in connection with such bonds, the authority has the power to secure such bonds and to covenant as to the bonds as set forth in §§ 9-21-306 and 7-34-110. In connection with the issuance of bonds […]
§ 7-36-116. Rights and Remedies of Bondholders
In addition to all other rights and remedies, any holders of bonds of the authority, including a trustee for bondholders, shall have the right: By mandamus or other suit, action, or proceeding at law or in equity, to enforce the bondholder’s rights against the authority and the board of the authority, including the right to […]
§ 7-36-117. Bond Not Debt of State, Municipality, or Other Political Subdivision of State
No owner of any bonds issued under this chapter shall have the right to compel any exercise of the taxing powers of this state, the associated municipality, or any other municipality or political subdivision of this state to pay such bonds or the interest thereon. Each bond issued under this chapter shall recite in substance […]
§ 7-36-118. Validity of Bonds
Bonds issued under this chapter bearing the signature of the president or other authorized officer in office on the date of the signing thereof shall be valid and binding obligations; provided, that before the delivery thereof and payment therefor, any person whose signature appears thereon shall have ceased to be an officer. The validity of […]
§ 7-36-119. Rates, Fees, or Other Charges for Services, Facilities, and Commodities
The authority shall not be operated for gain or profit or primarily as a source of revenue to the associated municipality or any other person or entity. The authority shall, however, prescribe and collect rates, fees, or charges for the services, facilities, and commodities made available by the authority, and shall revise such rates, fees, […]
§ 7-36-120. Pledge Of, or Lien On, Revenues, Fees, Rents, Tolls, or Other Charges
Any pledge of, or lien on, revenues, fees, rents, tolls, or other charges received or receivable by the authority to secure the payment of any bonds of the authority, and the interest thereon, shall be valid and binding from the time that the pledge or lien is created or granted and shall inure to the […]