5-1161. Definitions (Conditionally Rpld.) In this article, unless the context otherwise requires: 1. " Bond" means any obligation authorized and issued pursuant to this article, including: (a) Bonds and notes. (b) Certificates of participation in a lease-purchase or certificates of purchase in a lease or installment purchase agreement. (c) Obligations that are authorized and issued […]
5-1162. Obligation for the bonds (Conditionally Rpld.) Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the authority. 3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board […]
5-1163. Authorization of bonds (Conditionally Rpld.) A. The authority may issue bonds pursuant to this article in a principal amount that is necessary to: 1. Provide sufficient monies for any sports authority purposes. 2. Establish and fully or partially fund any required reserves or sinking accounts. 3. Issue refunding bonds to refund bonds issued by […]
5-1164. Issuance and sale of bonds (Conditionally Rpld.) A. The authority board shall issue the bonds in the number and amount provided in the resolution. The authority board shall provide published notice within fifteen days to the public and to the district board of directors of its intention to issue bonds. B. The bonds may […]
5-1165. Bond proceeds account (Conditionally Rpld.) A. If the authority issues bonds under this article, the authority board shall establish a bond proceeds account within the general fund consisting of monies received from the sale of the bonds. B. The authority board may use monies in the bond proceeds account only for sports authority purposes […]
5-1166. Debt service account (Conditionally Rpld.) A. If the authority issues bonds under this article, the authority board shall establish a debt service account within the general fund consisting of monies designated and dedicated by the board for repayment of the bonds and payment of costs and related expenses associated with redeeming the bonds. B. […]
5-1167. Securing principal and interest (Conditionally Rpld.) In connection with issuing bonds authorized by this article and to secure the principal and interest on the bonds, the authority board by resolution may: 1. Pledge for the payment of principal and interest on the bonds all or part of the revenues and other monies received by […]
5-1168. Lien of pledge (Conditionally Rpld.) A. Any pledge made under this article is valid and binding from the time when the pledge is made. B. The monies pledged to the holders of the bonds and received by the authority for placement in the debt service account are immediately subject to the lien of the […]
5-1169. Bond purchase for cancellation (Conditionally Rpld.) The authority 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 […]
5-1170. Payment of bonds (Conditionally Rpld.) A. The bonds shall be paid solely from monies in the debt service account. B. The members of the authority board and any persons who execute the bonds are not personally liable for the payment of the bonds. C. The authority’s fiscal agent shall cancel all bonds when paid.
5-1171. Investment of monies in the bond proceeds account (Conditionally Rpld.) A. The authority board may authorize the authority’s fiscal agent to invest monies in the bond proceeds account in the manner prescribed by section 5-1173. B. The order directing an investment shall state a date on which the proceeds from the sale of the […]
5-1172. Investment of monies in the debt service account (Conditionally Rpld.) A. The authority board may authorize the authority’s fiscal agent to invest and reinvest any monies in the debt service account as provided by section 5-1173. B. The order directing an investment shall state a date on which the monies and other resources in […]
5-1173. Authorized investment of monies (Conditionally Rpld.) A. The monies in either the bond proceeds account or the debt service account may be invested and reinvested at the direction of the authority board in any of the following: 1. United States treasury obligations. 2. Consolidated farm loan bonds. 3. Obligations issued by the federal intermediate […]
5-1174. Deposit and disbursement of monies (Conditionally Rpld.) A. Monies derived from selling bonds under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds shall be deposited by the authority’s fiscal agent in financial institutions that the authority board designates and that are […]
5-1175. Characteristics of bonds; negotiability; legal investments; exemption from taxation (Conditionally Rpld.) A. Bonds issued under this article are fully negotiable within the meaning and for all purposes of the uniform commercial code, subject only to any provisions for registration, regardless of whether the bonds actually constitute negotiable instruments under the uniform commercial code. B. […]
5-1176. Effect of changing circumstances on bonds; agreement of state (Conditionally Rpld.) A. Bonds issued under this article remain valid and binding obligations of the authority notwithstanding that before the delivery of the bonds any person whose signature appears on the bonds ceases to be an officer of the authority. B. An amendment of any […]
5-1177. Validity of bonds; legal opinion (Conditionally Rpld.) A. This article constitutes full authority for authorizing and issuing bonds without reference to any other law of this state. No other law with regard to authorizing or issuing obligations or that in any way impedes or restricts performing the acts authorized by this article may be […]
5-1461. Definitions In this article, unless the context otherwise requires: 1. " Authority purpose" includes: (a) The capital costs of acquiring, designing, developing, constructing, reconstructing, equipping, furnishing, repairing, maintaining and improving stadiums and multipurpose facilities, directly related improvements and infrastructure, except as otherwise limited by this article. For the purposes of this subdivision, " infrastructure" […]
5-1462. Obligations for the bonds Bonds issued under this article: 1. Are payable only according to their terms. 2. Are obligations of the authority. 3. Are not general, special or other obligations of this state, or of the county or any city or town located in the authority. The members of the board and persons […]
5-1463. Authorization of bonds A. The board may issue bonds pursuant to this article in a principal amount that is necessary to: 1. Provide sufficient monies for any authority purposes. 2. Establish and fully or partially fund any required reserves or sinking accounts. 3. Issue refunding bonds to refund bonds issued by the authority if […]
