Effective 5/4/2022 11-58-701. Resolution authorizing issuance of port authority bonds — Characteristics of bonds. (1) The authority may not issue bonds under this part unless the board first: (a) adopts a parameters resolution for the bonds that sets forth: (i) the maximum: (A) amount of bonds; (B) term; and (C) interest rate; and (ii) the […]
Effective 3/27/2019 11-58-702. Sources from which bonds may be made payable — Port authority powers regarding bonds. (1) The principal and interest on bonds issued by the authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income and revenues of certain […]
Effective 3/16/2018 11-58-703. Purchase of port authority bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by an authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to relieve […]
Effective 3/16/2018 11-58-704. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability. (1) A member of the board or other person executing an authority bond is not liable personally on the bond. (2) (a) A bond issued by the authority is not a general obligation or liability of the state […]
Effective 3/16/2018 11-58-705. Obligee rights — Board may confer other rights. (1) In addition to all other rights that are conferred on an obligee of a bond issued by the authority under this part and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, compel […]
Effective 3/16/2018 11-58-706. Bonds exempt from taxes — Port authority may purchase its own bonds. (1) A bond issued by the authority under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise […]
