§ 7-67-101. Short Title

This chapter shall be known and may be cited as the “Sports Authorities Act of 1993.”

§ 7-67-102. Legislative Findings — Purpose of Chapter — Liberal Construction

It is hereby found and determined that: There is an immediate need to promote and further develop recreational opportunities in this state, by facilitating and equipping the acquisition, construction, and rehabilitation of sports complexes, stadiums, arenas and other recreational facilities, for the holding of professional and amateur athletic events; The development of such facilities will […]

§ 7-67-103. Chapter Definitions

As used in this chapter, unless the context otherwise requires: “Authority” or “sports 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 conjunction […]

§ 7-67-104. Application for Incorporation to Governing Body of Municipality

Any number of natural persons, not fewer than three (3), each of whom are duly qualified voters of the municipality, may file with the governing body of the municipality an application in writing seeking permission to apply for the incorporation of a sports authority of such municipality. If the governing body, by appropriate resolution duly […]

§ 7-67-105. Charter Contents

The charter shall set forth: The names and residences of the applicants, together with a recital that each of them is a voter in the municipality; The name of the authority, which shall be the sports authority of the city, or county, of  , where the blank is to be filled in with the name […]

§ 7-67-106. Filing of Charter

When executed and acknowledged in conformity with § 7-67-105, the charter shall be filed with the secretary of state. The secretary of state shall examine the charter and, if the secretary of state finds that the recitals contained in the charter are correct, that the requirements of § 7-67-104 have been complied with, and that […]

§ 7-67-107. Amendment of Charter

The charter may, at any time and from time to time, be amended in a manner not inconsistent with § 7-67-105. Any such amendment shall be adopted in the following manner: the board of directors of the authority shall file with the governing body of the municipality with which the application for the creation of […]

§ 7-67-108. Board of Directors — Officers — Meetings Public

The authority shall have a board of directors in which all corporate powers of the authority shall be vested. The board shall consist of no fewer than seven (7) directors, all of whom shall be duly qualified voters of the municipality. A director shall serve without compensation, except that the authority may reimburse a director […]

§ 7-67-109. Powers of the Authority

Each sports 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 shall have the following powers, together with all powers incidental to the following powers or necessary for the performance of those powers, to: Have […]

§ 7-67-110. Audit

The board of directors of each authority shall cause an annual audit to be made of the books and records of its authority. The comptroller of the treasury, through the department of audit, shall be responsible for determining that such audits are prepared in accordance with generally accepted governmental auditing standards and that such audits […]

§ 7-67-111. Donations of Services and Property — Reversion of Property to Donor

For the purpose of aiding and cooperating with an authority, the municipality authorizing such authority may assign or loan any of its employees, including its engineering staff and facilities, and may provide necessary office space, equipment, and other facilities for the use of such authority, as the governing body of such municipality shall approve. The […]

§ 7-67-112. Bonds of Authority

All bonds issued by the authority shall be issued in accordance with the applicable provisions of title 9, chapter 21, and shall be payable solely out of the revenue and receipts derived from any projects, or of any portion of projects owned, operated or leased to or from the authority, as may be designated by […]

§ 7-67-113. Security for Bonds

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 principal and interest shall be made payable and may be secured by a pledge of revenues of the authority derived from other sources, such as revenues from other […]

§ 7-67-114. Exemption From Taxation — Annual Report of Leased Property

The authority is hereby declared to be performing a public function on 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 from the properties and all bonds issued by […]

§ 7-67-115. Nonliability of Municipality

Except to the extent of any revenues that may be specifically allocated, transferred, contributed or pledged by a municipality in accordance with this chapter and laws, rules and regulations applicable to this chapter, no municipality shall in any event be liable for the payment of the principal of or interest on any bonds of the […]

§ 7-67-116. Powers of Municipalities to Aid or Assist Authorities

Except as may be expressly prohibited by this section, any municipality is authorized to aid or otherwise provide assistance to an authority created pursuant to this chapter by such municipality, including entering into leases of projects, or parts of projects with an authority, for such term or terms and upon such conditions as may be […]

§ 7-67-117. Execution of Leases, Contracts, 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 or secretary of the authority, or by such other officers as the board of directors, by resolution, may direct, and the seal […]

§ 7-67-118. 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 of directors shall determine that sufficient provision has been made for the full payment of the […]

§ 7-67-119. Completion of Corporate Purpose — Dissolution

Whenever the board of directors of an authority or the governing body of the creating municipality by resolution determines that the purposes for which the authority was formed have been substantially accomplished and all bonds theretofore issued and all obligations theretofore incurred by the authority have been fully paid, the members of the board of […]

§ 7-67-120. Joint Operation

The powers 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 sports authority to effectuate the purposes of this chapter. When two (2) or more municipalities incorporate such an authority, each and every requisite […]