As used in this part 4, unless the context otherwise requires: “Consumer” means any public or private user of water facilities or sewerage facilities or both. “Governing body” means the body which is in charge of the municipality’s water or sanitation facilities, whether or not the same is a “governing body” as defined in part […]
In addition to the powers which it may now have, any municipality, without any election of the qualified electors thereof, has power under this part 4: To acquire by gift, purchase, lease, or exercise of the right of eminent domain, to construct, to reconstruct, to improve, to better, and to extend water facilities or sewerage […]
The acquisition, construction, reconstruction, lease, improvement, betterment, or extension of any water facilities or sewerage facilities or both and the issuance, in anticipation of the collection of revenues of such facilities, of bonds to provide funds to pay the cost thereof may be authorized under this part 4 by action of the governing body of […]
Revenue bonds issued under this part 4 shall bear interest at a rate such that the net effective interest rate of the issue of bonds does not exceed the maximum net effective interest rate authorized, payable semiannually or annually, and evidenced by one or two sets of coupons, if any, executed with the facsimile or […]
The bonds and any coupons bearing the signatures of officers in office on the date of the signing thereof shall be valid and binding obligations of the municipality, notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon have ceased to be officers of the municipality […]
The bonds and the income therefrom are exempt from taxation, except inheritance, estate, and transfer taxes. Source: L. 75: Entire title R&RE, p. 1256, § 1, effective July 1. Editor’s note: This section is similar to former § 31-35-406 as it existed prior to 1975.
Any ordinance or resolution authorizing the issuance of bonds under this part 4 or trust indenture or other instrument appertaining thereto to finance in whole or in part the acquisition, construction, reconstruction, improvement, betterment, or extension of water facilities or sewerage facilities or both may contain covenants as to: The rates, fees, tolls, or charges […]
Revenue bonds issued under this part 4 shall not constitute an indebtedness of the municipality within the meaning of any constitutional or statutory limitations. Each bond issued under this part 4 shall recite in substance that said bond, including interest thereon, is payable solely from the revenues pledged to the payment thereof and that said […]
Subject to any contractual limitations binding upon the holders of any issue of bonds or the trustee therefor, including but not limited to the restriction of the exercise of any remedy to a specified proportion or percentage of such holders, any holder of bonds or trustee therefor has the right and power, for the equal […]
The powers conferred by this part 4 are in addition and supplemental to and not in substitution for, and the limitations imposed by this part 4 shall not affect, the powers conferred by any other law. Bonds may be issued under this part 4 without regard to the provisions of any other law. The water […]
Any municipality having surplus and unpledged revenues of any municipal utility has the power to pledge such revenues for and deposit them in the fund created to pay the interest on and principal of revenue bonds issued pursuant to this part 4. Source: L. 75: Entire title R&RE, p. 1258, § 1, effective July 1. […]
Any bonds issued for any refunding purpose authorized in section 31-35-402 (1)(j) may either be delivered in exchange for the outstanding bonds authorized to be refunded or may be sold as provided for in section 31-35-404. No bonds may be refunded under this part 4 unless they either mature or are callable for prior redemption […]
Any ordinance or resolution authorizing or any trust indenture or other instrument appertaining to any bonds under this part 4 may provide that each bond therein authorized shall recite that it is issued under authority of this part 4. Such recital shall conclusively impart full compliance with all of the provisions of this part 4, […]
All moneys received from the issuance of any bonds authorized in this part 4 shall be used solely for the purpose for which issued and the cost of any project thereby delineated. Any accrued interest and any premium shall be applied to the payment of the interest on or the principal of the bonds or […]
The failure of any holder of any bond or coupon issued under this part 4 to proceed as provided in section 31-35-409 or in any proceedings appertaining to the issuance of such bond or coupon shall not relieve the municipality, its governing body, or any of its officers, agents, and employees of any liability for […]
All revenue bonds and any coupons appertaining thereto relating to a water system, sewer system, or joint water and sewer system issued or purportedly issued prior to March 13, 1962, and all acts and proceedings had or taken or purportedly had or taken prior to said date by or on behalf of municipalities, under law […]
This part 4 shall operate to supply such legislative authority as may be necessary to validate any such securities issued and other contracts executed prior to March 13, 1962, of such municipalities and any acts and proceedings taken appertaining to the issuance of such securities or execution of other contracts by such municipalities or otherwise […]
