49-17A-27. Issuance of bonds and notes–Purposes for which proceeds used. An authority may from time to time issue its bonds or notes in such principal amounts as the authority shall deem necessary to carry out any of its corporate purposes and powers, including, but not limited to the funding or refunding of the principal of […]
49-17A-28. Revenues and funds pledged to payment of bonds and notes–Negotiability. Every issue of bonds or notes of the authority shall be payable out of revenues or funds of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or funds. An authority may issue types of […]
49-17A-29. Resolutions for bonds or notes–Security agreement–Terms and conditions. Bonds or notes of the authority shall be authorized by resolution of the commissioners and may be issued under the resolution or under a trust indenture or other security agreement, in one or more series, and shall bear such date or dates, mature at such time […]
49-17A-3. Contents of agreement creating authority. The agreement authorized in §49-17A-2 shall state: (1)That the railroad authority is created and incorporated under the provisions of this chapter as a political subdivision of this state, to exercise thereunder a part of the sovereign power of the state; (2)The name of the authority which shall include the […]
49-17A-3.1. Authority may not change resolution eschewing taxing power. Any railroad authority may adopt a resolution amending the provisions of the agreement authorized by §49-17A-2 to specify that the railroad authority may not levy a tax pursuant to the provisions provided in chapter 49-17A. The railroad authority shall file a certified copy of the resolution […]
49-17A-30. Mortgages and deeds of trust to secure obligations–Filing. For the security of such bonds or notes the authority may execute and make mortgages or deeds of trust of the whole or any part of its property which, together with any assignments or release thereof, shall be filed in the Office of the Secretary of […]
49-17A-31. Bond recital conclusive as to authority and purpose. Any bond reciting that it has been issued by the authority pursuant to the provisions and for the purposes of this chapter shall be conclusively deemed to have been issued pursuant to such provisions and for such purposes. Source: SL 1978, ch 344, §29.
49-17A-32. Continuing validity of signatures on bonds and notes–Temporary bonds. Any bonds or notes may be issued and delivered notwithstanding that any of the commissioners or officers executing them shall have ceased to hold office at the time of actual delivery. Pending preparation of definitive bonds, an authority may issue temporary bonds which shall be […]
49-17A-33. Sale of bonds. Bonds issued shall be sold at public or private sale for a price and in a manner determined by the authority. Source: SL 1978, ch 344, §31.
49-17A-34. Bonds exempt from taxation. Bonds issued by an authority pursuant to the provisions of this chapter, together with interest and income therefrom, shall be exempt from all taxes. Source: SL 1978, ch 344, §32.
49-17A-35. Persons executing bonds not personally liable. The commissioners of an authority or any person executing such bonds shall not be liable personally by reason of their issuance. Source: SL 1978, ch 344, §33.
49-17A-36. Arrangements for operating and providing railroad service. The authority may enter into contracts, leases, and other arrangements for such term as the authority may determine with any persons: (1)Granting the privilege of using or improving the railroad or any portion or facility or space for commercial purposes; (2)Conferring the privilege of supplying goods, commodities, […]
49-17A-37. Grant of operating privileges and use of railroad and facilities. Except as may be limited by the terms and conditions of any grant, loan or agreement authorized by this chapter, an authority may by contract, lease, or otherwise grant, for such consideration and term as it may determine, to any person the privilege of […]
49-17A-39. Disposition of property of authority. Except as may be limited by the terms and conditions of any grant, loan, or agreement, made or received by the authority, an authority may, by sale, lease, or otherwise, dispose of any of its property, or portion thereof or interest therein. Source: SL 1978, ch 344, §36.
49-17A-4. Filing of agreement and resolutions–Certificate of incorporation–Beginning of corporate existence. The agreement and a certified copy of the resolution of each subdivision shall be filed with the secretary of state. If the agreement conforms to the requirements of this chapter the secretary of state shall file it and issue a certificate of incorporation, which […]
49-17A-40. Citation of chapter. This chapter may be cited as the “Regional Railroad Authorities Act.” Source: SL 1978, ch 344, §39.
49-17A-5. Hearing before adoption of resolution–Publication of notice. No resolution authorized by §49-17A-2 or 49-17A-11 shall be adopted without a public hearing. Notice of such hearing shall be given at least ten days prior thereto in the official newspaper of the subdivision, or if the subdivision has no official newspaper, then in a newspaper having […]
49-17A-6. Election of commissioners–Terms of office–Vacancies. The representatives of the subdivisions which are members of a regional railroad authority shall elect commissioners of the regional railroad authority. The number to be elected and their representation shall be provided for in the agreement. All commissioners of a regional railroad authority shall be elected for a term […]
49-17A-7. Power vested in commissioners–Rules for operation. The power of each regional authority is vested in the commissioners. Each authority may adopt and amend rules for its own operations subject to the agreement of the subdivisions establishing the authority and subject to the provisions of this chapter. Source: SL 1978, ch 344, §7.
49-17A-8. Chairman and secretary-treasurer of authority. Each regional authority shall elect a chairman and a secretary-treasurer, from among the commissioners. Source: SL 1978, ch 344, §8.
