§ 7-55-101. Short Title
This chapter shall be known and may be cited as the “Industrial Building Bond Act of 1955.”
§ 7-55-102. Chapter Definitions
As used in this chapter, unless the context otherwise requires: “Enterprise” means the industrial operation or operations to be carried on in an industrial building; “Governing body” includes bodies and boards, by whatsoever names they may be known, charged with the governing of a municipality; “Industrial building” means any one (1) or combination of two […]
§ 7-55-103. Powers of Municipality — Restrictions and Limitations
In addition to powers that it may otherwise have in its charter or the laws of this state, any municipality has the power under this chapter, subject to the conditions, limitations and restrictions provided in this chapter, to: Construct, acquire by gift or purchase, reconstruct, improve, better or extend any industrial building within or without […]
§ 7-55-104. Construction of Industrial Buildings — Bonds
The construction, acquisition, reconstruction, improvement, betterment, or extension of any industrial buildings may be authorized under this chapter, and bonds may be authorized to be issued under this chapter to provide funds for such purpose or purposes or for the refunding of bonds theretofore issued under this chapter, by resolution or resolutions of the governing […]
§ 7-55-105. Right of Municipality to Privileges of Chapter — Certificate of Public Purpose and Necessity
The building finance committee in the industrial development division of the department of economic and community development is charged with the duty of making effective the declared public policy of the state and municipalities as set forth in this chapter, and for that purpose is hereby authorized and empowered to determine whether the public welfare […]
§ 7-55-106. Elements Necessary Before Issuance of Certificate — Regulation by Committee — Consequences of Governing Body’s Failure to Follow Requirements
The committee shall investigate, find and determine upon application of any municipality for a certificate of public purpose and necessity, as to whether a certificate shall be issued to such municipality to engage in any of the enterprises deemed essential under declared public policy for the economic development and advancement of the municipality, and in […]
§ 7-55-107. Submission to Voters — Election
The governing body of any municipality desiring to enter into the plan authorized in this chapter, after receiving a certificate of public purpose and necessity from the committee, as provided by this chapter, by resolutions spread upon its minutes, shall declare its intention of entering into such plan, and prior to the delivery and payment […]
§ 7-55-108. Bond Resolution — Contents and Covenants — Receivers — Recourse
Any resolution authorizing the issuance of bonds under this chapter may contain covenants as to the: Use and disposition of the rentals from the industrial building for which the bonds are to be issued, including the creation and maintenance of reserves; Issuance of other or additional bonds payable from the income and revenues from such […]
§ 7-55-109. Validity in Bond Issues — Recital
Bonds bearing the signatures of officers in office on the date of the signing of the bonds shall be valid and binding obligations, notwithstanding that before the delivery of the bonds and payment for the bonds, any or all the persons whose signatures appear on the bonds shall have ceased to be officers of the […]
§ 7-55-110. Lien on Rentals
All bonds issued under this chapter shall have a lien upon the rentals from the industrial building for which the bonds have been issued, and the governing body may provide in the resolution or resolutions authorizing such bonds for the issuance of additional bonds to be equally and ratably secured by a lien upon such […]
§ 7-55-111. Securing Bonds — Enforcement by Bondholders — Tax Levy — Restrictions
In order to secure the payment of any of the bonds issued pursuant to this chapter, and interest on the bonds, or in connection with such bonds, any municipality has the power as to such bonds to pledge, in addition to all other revenues and funds provided for in this chapter, the full faith and […]
§ 7-55-112. Collection and Revision of Rent — Separation of Funds
The governing body of a municipality issuing bonds pursuant to this chapter shall prescribe and collect rentals for industrial buildings and shall revise such rentals from time to time whenever necessary so that the income and revenues to be derived from such rentals will always be sufficient to pay when due all bonds and interest […]
§ 7-55-113. Exemption From Taxation
All bonds issued pursuant to this chapter and the income from the bonds shall be exempt from all state, county and municipal taxation, except inheritance, transfer and estate taxes.
§ 7-55-114. Bonds as Investments
Bonds issued under the authority of this chapter and secured by a pledge of full faith and credit shall be and are hereby declared to be legal and authorized investments for banks, savings banks, trust companies, building and loan associations, insurance companies, fiduciaries, trustees, guardians and for all public funds of the state, including, but […]
§ 7-55-115. Joint Exercise of Powers
Counties and municipalities may exercise jointly the powers and authorities conferred upon them in this chapter individually.
§ 7-55-116. Powers Supplemental
The powers conferred by this chapter shall be in addition and supplemental to, and the limitations imposed by this chapter shall not affect the powers conferred by any other general, special or local law. Industrial buildings may be acquired, purchased, constructed, reconstructed, improved, bettered, and extended, and bonds may be issued under this chapter for […]