11-681. Definitions In this article, unless the context otherwise requires: 1. " Board" means the county board of supervisors. 2. " Bond related expenses" means any expenses incurred by the county to issue and administer bonds issued under this article, including underwriting fees and costs, trustee fees, financial consultant fees, printing and advertising costs, paying […]
11-681.01. Authorization of county judgment bonds A. The board of supervisors may issue negotiable bonds pursuant to this article in such principal amount as, in the opinion of the board is necessary to: 1. Provide sufficient monies for any county judgment purpose. 2. Pay necessary bond related expenses. 3. Establish and fully or partially fund […]
11-681.02. Issuance and sale of bonds; notice A. The board shall issue the bonds in the manner, method, number and amount provided in the resolution. B. The board shall provide notice of its intention to issue bonds in a manner consistent with market practice. C. The bonds may be sold by competitive bid, including an […]
11-681.03. Bond proceeds fund; debt service fund A. If the county issues bonds under this article, the board shall establish a bond proceeds fund consisting of the net proceeds received from the sale of the bonds. The county may use monies in the bond proceeds fund only for county judgment purposes. B. The board shall […]
11-681.04. Securing principal and interest In connection with issuing bonds authorized by this article and to enhance the security of the bonds, the board by resolution may: 1. Segregate the debt service fund into one or more accounts and subaccounts. 2. Provide that the bonds issued under this article are secured by a first lien […]
11-681.05. Lien of pledge A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies pledged and received by the board to be placed in the debt service fund are immediately subject to the lien of the pledge without any future physical delivery or […]
11-681.06. Bond purchase; cancellation The board may purchase bonds for cancellation, using any available monies, at a price not exceeding the following: 1. If the bonds are redeemable at the time of purchase, the applicable redemption price plus accrued interest to the next interest payment date. 2. If the bonds are not redeemable at the […]
11-681.07. Payment of bonds A. The bonds shall be paid solely from monies from the debt service fund. B. The county treasurer shall cancel all bonds when paid.
11-681.08. Use of surplus monies A. If a balance remains in the bond proceeds fund after all county judgment purposes have been paid, the remaining balance shall be used to reduce the county primary property tax levy in the following year. B. If a balance remains in the debt service fund after the retirement and […]
11-681.09. Investment of monies in the bond proceeds fund and the debt service fund A. The board may authorize the county treasurer to invest monies in the bond proceeds fund in the manner prescribed by this section. The order directing an investment shall state a date on which the proceeds from the sale of the […]
11-681.10. Characteristics of bonds; negotiable; obligation; legal investments; exemption from taxation A. Subject to any registration requirements, the bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code. B. The bonds, […]
11-681.11. Effect of changing circumstances on bonds; agreement of state A. Bonds issued under this article remain valid and binding obligations of the county notwithstanding that before the delivery of the bonds any of the persons whose signatures appear on the bonds cease to be officers of the county. B. An amendment of any provision […]
11-681.12. Validity of bonds; legal opinion A. This article constitutes full authority for authorizing and issuing county judgment bonds without reference to any other law of this state. No other statute with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be […]
