Section 22-21-130 Definitions. For the purposes of this article, unless otherwise indicated, the following terms shall have the meanings respectively ascribed to them by this section: (1) AUTHORITY. A corporation organized pursuant to the provisions of this article. (2) BOARD. The board of directors of the authority. (3) BOND. Any bond issued under the provisions […]
Section 22-21-131 Purpose and construction of article. It is the intention of the Legislature by the passage of this article to empower each incorporated city and town in the state to authorize the incorporation of one or more public corporations as political subdivisions of the state for the purpose of providing public hospital facilities, to […]
Section 22-21-132 Incorporation – Application; resolution. Whenever any number of natural persons, not less than three, shall file with the governing body an application in writing for permission to incorporate a public corporation under the provisions of this article, if it shall be made to appear to the governing body that each of the said […]
Section 22-21-133 Incorporation – Certificate of incorporation – Contents; amendments. (a) The certificate of incorporation of the authority shall state: (1) The name and address of each of the incorporators, and a statement that each of them is a duly qualified elector of, and property owner in, the municipality; (2) The name of the authority, […]
Section 22-21-134 Incorporation – Certificate of incorporation – Filing. The certificate of incorporation, having attached thereto: (1) A certified copy of the resolution provided for in Section 22-21-133; and (2) A certificate by the Secretary of State of the state that the name proposed for the authority is not identical with that of any other […]
Section 22-21-135 Board of directors. (a) The authority shall have a board of directors composed of the number of directors provided in the certificate of incorporation, as most recently amended. All powers of the authority shall be exercised by the board or pursuant to its authorization. The directors shall be residents of the municipality (except, […]
Section 22-21-136 Officers. The officers of the authority shall consist of a president, a vice-president, a secretary, a treasurer and such other officers as the board shall deem necessary to accomplish the purposes for which the authority was organized. The offices of secretary and treasurer may, but need not, be held by the same person. […]
Section 22-21-137 Powers – Generally. The authority shall have the following powers and capacities, among others specified in this article, together with all powers incidental thereto or necessary to the discharge thereof: (1) To have succession by its corporate name until dissolved as provided in Section 22-21-154; (2) To maintain actions and have actions maintained […]
Section 22-21-138 Powers – Eminent domain. The authority shall have the same power of eminent domain as is vested by law in the municipality, which power shall be exercised in the same manner and under the same conditions as are provided by law for the exercise of the power of eminent domain by the municipality. […]
Section 22-21-139 Conveyance of property by municipalities. The municipality is hereby authorized to convey to the authority, with or without the payment of monetary consideration therefor, any property that may, immediately preceding such conveyance, be owned by the municipality, whether or not such property is necessary for the conduct of the governmental or other public […]
Section 22-21-140 Lease agreements with municipality. (a) Authorization of lease. The authority and the municipality are hereby respectively authorized to enter into one or more lease agreements with each other whereunder one or more projects or any part thereof shall be leased by the authority to the municipality. No such lease agreement shall be for […]
Section 22-21-141 Bonds – Revenue. The authority is empowered, at any time and from time to time, to sell and issue its revenue bonds for the purpose of providing funds to acquire, construct, improve, enlarge, complete and equip one or more projects and for payment of obligations incurred for any such purpose. The principal of, […]
Section 22-21-142 Bonds – Refunding. The authority may at any time and from time to time sell and issue its refunding revenue bonds for the purpose of refunding the principal of, and interest on, any matured or unmatured bonds of the authority at the time outstanding and for the payment of any expenses incurred in […]
Section 22-21-143 Bonds – Execution. The bonds of the authority shall be signed by either its president or its vice-president, as shall be provided in the resolution under which the bonds shall be issued, and the seal of the authority shall be affixed to the bonds and attested by its secretary; provided, that a facsimile […]
Section 22-21-144 Bonds – Security. The principal of, and the interest on, the bonds shall be secured by a pledge of the revenues out of which the bonds shall be made payable, may be secured by a pledge of the lease agreement (if any) covering the project from which revenues so pledged shall be derived […]
Section 22-21-145 Bonds – Recital and notice of issuance; limitation on actions to contest. Any resolution authorizing any bonds under this article shall contain a recital that they are issued pursuant to the provisions of this article, which recital shall be conclusive evidence that said bonds have been duly authorized pursuant to the provisions of […]
Section 22-21-146 Bonds – Legal investment – Banks, insurers and fiduciaries. Bonds issued under the provisions of this article are hereby made legal investments for savings banks and insurance companies organized under the laws of the state. Unless otherwise directed by the court having jurisdiction thereof or the document that is the source of authority, […]
Section 22-21-147 Bonds – Legal investment – Municipal funds. The governing body is authorized, in its discretion, to invest in bonds of the authority any idle or surplus money held in the treasury of the municipality which is not otherwise earmarked or pledged. (Acts 1961, No. 109, p. 134, §22.)
Section 22-21-148 Bonds – 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 principal and interest, shall […]
Section 22-21-149 Bonds – Use of proceeds. (a) The proceeds derived from the sale of any bonds sold by the authority, other than refunding bonds, shall be used only to pay the cost of acquiring, constructing, improving, enlarging and equipping one or more projects, as may be provided in the proceedings in which the bonds […]
