Section 14-2-1 Definitions. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. For the purposes of this chapter, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. The public corporation organized pursuant […]
Section 14-2-10 Temporary loans in anticipation of issuance of bonds. In anticipation of issuance of bonds under this chapter, the authority may, from time to time, borrow such sums as may be needed, not exceeding $1,000,000.00 in aggregate principal amount, for any of the purposes for which bonds are authorized to be issued under this […]
Section 14-2-11 Execution of bonds and notes. The bonds and notes of the authority shall be executed by the manual or facsimile signature of either its president or its treasurer, as shall be provided in the resolution under which such securities shall be issued, and the seal of the authority or a facsimile thereof shall […]
Section 14-2-12 Bonds – Authorization. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) For the purpose of providing funds for the acquisition of sites, for the construction, reconstruction, alteration, and improvement of facilities, for the procurement and […]
Section 14-2-13 Bonds – Sale and issuance of refunding bonds. The authority may, from time to time, sell and issue its refunding bonds for the purpose of refunding any matured or unmatured bonds of the authority at the time outstanding and any premiums necessary to be paid to redeem any such bonds so to be […]
Section 14-2-13.1 Bonds – Limitations on issuance of refunding bonds; present value of debt service; average maturity of refunding bonds. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. It is hereby further provided that no refunding bonds as […]
Section 14-2-14 Bonds – Specifications; redemption; precedence. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Any bonds of the authority may be executed and delivered by it at any time and from time to time, shall be in […]
Section 14-2-15 Bonds – Recital, notice and contest of authorizing resolution, etc. (a) Any resolution or indenture of trust authorizing any bonds under this chapter shall contain a recital that they are issued pursuant to the provisions of this chapter, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to […]
Section 14-2-16 Bonds – Sale. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Bonds of the authority may be sold at such price or prices and at such time or times as the authority may consider advantageous, at […]
Section 14-2-16.1 Bonds – Report to Legislature; contents. The bonding authority provided herein must file a report, in concise, simple language to each legislator between the first and the twelfth legislative day of each legislative session which shall reflect the date of the issuance of the bonds, total amount of the bonds, maturity date, schedule […]
Section 14-2-17 Bonds — Investment of surplus in state fund, etc., and trust funds. Any surplus in any state fund and any retirements or trust fund, where the investment thereof is permitted or required by law, may be invested in bonds issued by the authority. Unless otherwise directed by the court having jurisdiction thereof or […]
Section 14-2-18 Bonds – Security for deposit of governmental funds. Any bonds issued by the authority may be used by the holders thereof as security for deposits of any funds belonging to the state or to any instrumentality, agency or political subdivision of the state in any instance where security for such deposits may be […]
Section 14-2-19 Bonds – Disposition of proceeds. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) All proceeds derived from the sale of any bonds, except refunding bonds, sold by the authority, remaining after payment of the expenses […]
Section 14-2-2 Purpose of chapter; construction thereof. It is the intent of the Legislature, by the passage of this chapter, to authorize the incorporation of the Governor, the Commissioner of Corrections, the Director of Finance, the Lieutenant Governor and the Attorney General as a public corporation for the purposes of acquiring land, constructing and leasing […]
Section 14-2-20 Bonds – Investment of proceeds. Any portion of the principal proceeds derived from the sale of the bonds which the board of directors of the authority may determine is not then needed for any of the purposes for which the bonds are authorized to be issued shall, on order of the authority, be […]
Section 14-2-21 Bonds – Security. THIS SECTION WAS AMENDED BY ACT 2021-546 IN THE 2021 1ST SPECIAL SESSION, EFFECTIVE OCTOBER 1, 2021. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, […]
Section 14-2-22 Bonds – Enforcement upon default. If there be any default by the authority in the payment of the principal of or interest on the bonds or in any of the agreements on the part of the authority which may properly be included in any resolution or indenture of trust securing such bonds, any […]
Section 14-2-23 Bonds – Bonds and coupons deemed negotiable instruments. All bonds issued by the authority, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the authority, while the applicable bonds are not registered as to both […]
Section 14-2-24 Obligations, bonds and notes not debt of state. All obligations incurred by the authority and all bonds and notes issued by it shall be solely and exclusively an obligation of the authority, payable solely from the revenues and income which may under the provisions of this chapter be pledged to the payment thereof. […]
Section 14-2-25 Conveyance of property by state; right to possession thereof; consideration therefor. The Governor of the state is authorized to execute and deliver, at any time and from time to time, an appropriate deed or deeds conveying to the authority: (1) The Kilby property, (2) Any unimproved real property belonging to the state in […]
