9-41A-28. Borrowing power–Bonds and notes. A municipal power agency may borrow money and issue negotiable bonds or notes, secured or unsecured, in accordance with §§9-41A-38 to 9-41A-50, inclusive. Source: SL 1978, ch 66, §23.
9-41A-29. Investment of funds. Subject to any agreement with bondholders or noteholders, a municipal power agency may invest money of the municipal power agency not required for immediate use, including proceeds from the sale of any bonds or notes, in obligations, securities, and other investments as the municipal power agency shall deem prudent. Source: SL […]
9-41A-3. Contents of agency agreement. The agency agreement authorized in §9-41A-2 shall state: (1)That the municipal power agency is created and incorporated under the provisions of this chapter as a municipal corporation and a political subdivision of the state, to exercise thereunder a part of the sovereign powers of the state; (2)The name of the […]
9-41A-30. Powers over personal property. A municipal power agency may acquire, own, hire, use, operate, and dispose of personal property. Source: SL 1978, ch 66, §20.
9-41A-31. Powers over real property. A municipal power agency may acquire, own, use, lease as lessor or lessee, operate, and dispose of real property and interests in real property, and make improvements thereon. Source: SL 1978, ch 66, §21.
9-41A-32. Power of eminent domain. A municipal power agency may exercise the power of eminent domain in accordance with §§9-41A-51 and 9-41A-52. Source: SL 1978, ch 66, §25.
9-41A-33. Franchises and leases of facilities. A municipal power agency may grant the use by franchise, lease, or otherwise, and make charges for the use of any property or facility owned or controlled by it. Source: SL 1978, ch 66, §22.
9-41A-34. Encumbrance of property to secure obligations. A municipal power agency may mortgage, pledge, and grant a security interest in any or all of its real and personal property to secure the payment of its bonds, notes, or other obligations or contracts. Source: SL 1978, ch 66, §31.
9-41A-35. Insurance against losses to property. A municipal power agency may procure insurance against any losses in connection with its property, operations, or assets in such amounts and from such insurers as it deems desirable. Source: SL 1978, ch 66, §29.
9-41A-36. Payments in lieu of property tax–Valuation of property. A municipal power agency shall pay to each taxing agency within whose taxing jurisdiction its property is situated, in lieu of taxes on its property, the amounts of the taxes which would be payable if its property were owned by a private person. For this purpose […]
9-41A-37. Powers incidental to purposes of chapter. A municipal power agency may exercise all other powers reasonably necessary or appropriate for or incidental to the effectuation of its authorized purposes or to the exercise of any of the powers enumerated in §§9-41A-17 to 9-41A-37, inclusive, and generally may exercise in connection with its property and […]
9-41A-38. Bonds and notes authorized–Purposes. A municipal power agency may from time to time issue its bonds or notes in such principal amounts as the municipal power agency shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to: (1)The acquisition or construction of […]
9-41A-39. Terms of bonds and notes. Bonds or notes of a municipal power agency shall be authorized by resolution of its board of directors and may be issued under the resolution or under a trust indenture or other security agreement, in one or more series, and shall: (1)Bear such date or dates; (2)Mature at such […]
9-41A-4. Filing of agency agreement and resolutions–Certificate issued. The agency agreement and a certified copy of the resolution of the governing body of each first or second class municipality shall be filed with the secretary of state. If the agency agreement conforms to the requirements of this section, the secretary of state shall record it […]
9-41A-40. Bonds and notes payable solely from agency revenues–State and first or second class municipalities not obligated. The principal of and interest upon any bonds or notes issued by a municipal power agency shall be payable solely from the revenues or funds pledged or available for their payment as authorized in this chapter. Each bond […]
9-41A-41. Agency funds pledged for security of bonds and notes. Except as may be otherwise expressly provided by this chapter or by the municipal power agency, every issue of bonds or notes of the agency shall be payable out of any revenues or funds of the agency, subject only to any agreements with the holders […]
9-41A-42. State approval not required for bonds and notes–Establishment and pledge of rents and charges. Bonds or notes of a municipal power agency may be issued under the provisions of this chapter, and rents, rates, and charges may be established pursuant to §9-41A-54 and pledged for the security of bonds or notes and interest and […]
9-41A-43. Negotiability of bonds and notes. All bonds and notes of a municipal power agency shall be negotiable within the meaning and for all the purposes of the Uniform Commercial Code, subject only to any registration requirement. Source: SL 1978, ch 66, §36.
9-41A-44. Continuing validity of officers’ signatures on bonds and notes–Temporary bonds. Any bonds or notes may be issued and delivered, notwithstanding that one or more of the officers executing them shall have ceased to hold office at the time when the bonds or notes are actually delivered. Pending preparation of definitive bonds, a municipal power […]
9-41A-45. Sale of bonds and notes. Bonds or notes of a municipal power agency may be sold at public or private sale for a price and in a manner determined by the agency. Source: SL 1978, ch 66, §39.
