§13-2E-1. How Article Cited
This article may be cited as "Revenue Bond Refunding Act."
§13-2E-10. Security Provisions
Refunding bonds shall be special obligations of the public body and shall be payable solely from and secured by a lien upon the gross revenues or net revenues of the enterprise, as shall be more fully described in the ordinance or resolution authorizing the issuance of refunding bonds, and the ordinance or resolution authorizing such […]
§13-2E-11. Bonds Payable Solely From Revenues of Enterprise
No recourse shall be had for the payment of the refunding bonds, or interest thereon, or any part thereof, against the General Fund of any public body, nor shall the credit or taxing power of any public body be deemed to be pledged thereto. The refunding bonds, and interest thereon, shall not be a debt […]
§13-2E-12. Tax Exemption; Exceptions
The refunding bonds and the income therefrom shall be exempt from taxation, except inheritance, estate and transfer taxes.
§13-2E-13. Validity of Bonds
Refunding bonds bearing the signatures of officers of the public body in office on the date of the signing thereof shall be valid and binding obligations of the public body for all purposes, notwithstanding that before the delivery thereof any or all the persons whose signatures appear thereon shall have ceased to be officers of […]
§13-2E-14. Article Complete Authority for Refunding Bonds; Effect on Other Laws; Liberal Construction
This article constitutes full and complete authority for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, approvals, orders, acts or things by any governing body of any public body, or any board, officer, commission, department, agency, or instrumentality of the state or any public body shall be required to issue any […]
§13-2E-15. Severability
If any one or more provisions of this article or the applicability thereof to any persons or circumstances are ever held by a final decision of a court of competent jurisdiction to be invalid, such invalidity shall not affect any other provision or provisions, application or applications of this article, and to this end, the […]
§13-2E-2. Definitions
The following terms or words wherever used or referred to in this article shall have the following meaning, unless a different meaning plainly appears from the context: The term "public body" means any city, town, village, county, public service district, sanitary district, political subdivision or any other similar public entity now or hereafter created, and […]
§13-2E-3. Authority to Refund
Any public body may issue refunding bonds for the purpose of refunding all or any part of its revenue bonds now or hereafter outstanding, whether or not such revenue bonds are at the time of the refunding due or optional for redemption, under the circumstances and restrictions set forth in this article. Refunding bonds shall […]
§13-2E-4. Terms, Form and Execution of Refunding Bonds
Refunding bonds authorized under this article may be issued in one or more series; may bear such date or dates; may mature at such time or times, not exceeding the period of usefulness of the enterprise, as determined by the governing body in its discretion, not exceeding forty years from their respective dates; may bear […]
§13-2E-5. Issuance of Refunding Bonds; Application of Proceeds
Refunding bonds issued under this article may be exchanged for not less than a like principal amount of the revenue bonds to be refunded, or may be sold at public or private sale, or may be exchanged in part and sold in part, in such manner and upon such terms as may be determined by […]
§13-2E-6. Determination of Governing Body to Be Conclusive
The determination by the governing body of any public body issuing refunding bonds under this article that the limitations herein imposed upon the issuance of refunding bonds have been met, shall be conclusive: Provided, however, That such public body shall have obtained from an independent certified public accountant a certification that the amount of saving […]
§13-2E-7. Authorization for Issuance
Refunding bonds and all acts required to be authorized hereunder shall be authorized in the manner in which the bonds to be refunded were authorized and issued: Provided, That refunding bonds of a system resulting from the severance of a combined municipal waterworks and sewerage system shall to the extent applicable be authorized and issued […]
§13-2E-8. Authority for Escrow Agreement
The governing body of any public body shall have power to enter into such escrow agreements and to insert therein such protective and other covenants and provisions as it may consider necessary to permit the carrying out of the provisions of this article and to insure the prompt payment of principal of and interest and […]
§13-2E-9. Call of Revenue Bonds for Redemption
Where any revenue bonds to be refunded are not to be surrendered for exchange or payment and are not to be paid at maturity with escrowed obligations, but are to be paid from such source prior to maturity pursuant to call for redemption exercised under a right of redemption reserved in such revenue bonds, the […]