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37-7-11
Section 37-7-11 Encumbering or disposing of property. No corporation may sell, mortgage, lease
or otherwise encumber or dispose of any of its property (other than property which, in the
judgment of the board, is neither necessary nor useful in operating and maintaining the corporation's
system and which in any one year shall not exceed 10 percent in value of the value of all
the property of the corporation or merchandise) unless authorized so to do by the votes of
at least a majority of its members and the consent of the holders of 75 percent in amount
of the bonds of such corporation then outstanding is obtained. (Acts 1935, No. 45, p. 100;
Acts 1935, No. 168, p. 229; Code 1940, T. 18, ยง20.)...
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41-10-316
Section 41-10-316 Disposition of proceeds of bonds. (a) All proceeds derived from the sale
of any bonds, except refunding bonds, sold by the authority, remaining after payment of the
expenses of issuance thereof, shall be held by the authority and used solely for the purposes
of: (1) Acquiring land for and constructing, reconstructing and equipping thereon one or more
facilities; (2) Paying all reasonable and necessary expenses incidental thereto, including
filing, recording, surveying, legal and engineering fees and expenses; (3) Paying the interest
which will accrue on the said bonds during the period required for the construction and equipment
of the said facilities and for a period not exceeding six months after the completion thereof;
and (4) Paying the principal of and interest on all then outstanding notes theretofore issued
by the authority pursuant to the provisions hereof. The balance of the said proceeds thereafter
remaining shall be set aside as additional security for the...
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45-37A-56.36
Section 45-37A-56.36 Use of proceeds from sale of bonds. The proceeds derived from the sale
of any bonds, other than refunding bonds may be used only to pay the cost of acquiring, constructing,
improving, enlarging, and equipping the parking facilities or property with respect to which
they were issued, as may be specified in the proceedings in which the bonds are authorized
to be issued. Such cost shall be deemed to include the following: The cost of any land forming
a part of such facilities; the cost of labor, material, and supplies used in any such construction,
improvement, or enlargement, including architects' and engineers' fees and the cost of preparing
contract documents and advertising for bids; the purchase price of and the cost of installing
equipment for the facilities; the cost of landscaping the lands forming a part of such facilities
and of constructing and installing roads, sidewalks, curbs, gutters, and utilities in connection
with the facilities; legal, fiscal, and...
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11-81-173
Section 11-81-173 Issuance of additional bonds; payment of same. (a) Any borrower acquiring,
improving, enlarging, extending or repairing any such system or combined system pursuant to
the provisions of this article, may, in the event that the proceeds of any issue of revenue
bonds by error of calculation or otherwise shall be less than the amount required for the
purpose or purposes for which the same shall be authorized, issue additional bonds under the
provisions of this article to provide the amount of such deficit or, in the event that later
extensions and permanent improvements to such system or combined system appear to be desirable,
issue from time to time additional bonds under the provisions of this article to provide funds
for such purposes. (b) If such additional bonds are issued for the purpose of providing funds
necessary to supply any such deficit, they shall, unless otherwise provided in the ordinance
authorizing the original issue of bonds or in any trust indenture...
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11-81-6
Section 11-81-6 Maturity and payment - Generally. The principal of all bonds issued under this
chapter, except bonds issued under Division 1 of Article 4 of this chapter, shall be payable
as provided in this section. (1) The principal of all such bonds, other than revenue bonds
as defined in subdivision (2) of this section, shall be payable on such date or dates as shall
be specified in the ordinance or resolution providing for their issuance; provided, that a.
The principal of each such bond shall be payable not later than 30 years after its date; and
b. If such bonds shall be issued for the purpose of acquiring property or making improvements,
then all the principal thereof shall be payable within the period of usefulness of the property
or improvement for which the bonds are issued as such period shall be estimated under the
provisions of Section 11-81-8; (2) The principal of all revenue bonds (which are hereby defined
as bonds payable solely out of revenues to be derived from a...
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11-81-91
Section 11-81-91 Issuance of bonds. If at an election held under and according to the provisions
of this article, a majority of the qualified electors of the county voting upon such proposition
vote in favor of the issuance of said bonds and the result is ascertained and declared as
set out in this article, the county commission shall issue bonds of such county in the amount
and for the purpose and payable at the times and in the respective amounts mentioned in the
notice of said election; provided, that if subsequent to the said election the county commission
shall determine that the entire amount of bonds mentioned in the election notice is not required
for carrying out the purpose mentioned in the election notice, the said county commission
may issue such lesser amount of bonds as it may determine to be adequate for the said purpose
and may designate the amounts and maturities of the bonds described in the election notice
which shall not be issued so that the amounts and maturities...
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14-2-19
Section 14-2-19 Bonds - Disposition of proceeds. (a) All proceeds derived from the sale of
any bonds, except refunding bonds, sold by the authority, remaining after payment of the expenses
of issuance thereof, shall be turned over to the State Treasurer, shall be carried in a special
account to the credit of the authority, and shall be subject to be drawn on by the authority
solely for the purposes of: (1) Acquiring land for and constructing, reconstructing and equipping
thereon one or more facilities; (2) Constructing additional improvements on property currently
owned by the Department of Corrections or the authority in order to provide for additional
bedspace; (3) Paying all reasonable and necessary expenses incidental thereto, including filing,
recording, surveying, legal and engineering fees and expenses; (4) Paying the interest which
will accrue on the said bonds during the period required for the construction and equipment
of the said facilities and for a period not exceeding...
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41-10-506
Section 41-10-506 Disposition of proceeds of bonds. (a) All proceeds derived from the sale
of any bonds, except refunding bonds, sold by the authority, remaining after payment of the
expenses of issuance thereof, shall be turned over to the State Treasurer, shall be carried
by him in a special account to the credit of the authority, and shall be subject to be drawn
on by the authority solely for the purposes of: (1) Acquiring land for and constructing, reconstructing
and equipping thereon one or more facilities; (2) Paying all reasonable and necessary expenses
incidental thereto, including filing, recording, surveying, legal and engineering fees and
expenses; (3) Paying the interest which will accrue on the said bonds during the period required
for the construction and equipment of the said facilities and for a period not exceeding six
months after the completion thereof; and (4) Paying the principal of and interest on all then
outstanding notes theretofore issued by the authority...
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time to time
to sell and issue its bonds for the purpose of financing project costs pertaining to one or
more projects or for the purpose of providing funds to pay training facility management fees,
or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty agreements
wherein the authority guarantees payment, in whole or in part, of debt service referable to
obligations issued by development agencies for the purpose of financing project costs pertaining
to one or more projects; provided, however, that the principal amount of authority obligations
shall not exceed three hundred million dollars ($300,000,000). For...
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11-54-23
Section 11-54-23 Requirements as to leasing of projects. (a) Prior to the leasing of any project,
the governing body must determine and find the following: (1) The amount necessary in each
year to pay the principal of and the interest on the bonds proposed to be issued to finance
such project; (2) The amount necessary to be paid each year into any reserve funds which the
governing body may deem it advisable to establish in connection with the retirement of the
proposed bonds and the maintenance of the project; and, (3) The estimated cost of maintaining
the project in good repair and keeping it properly insured, unless the terms under which the
project is leased provide that the lessee shall maintain the project and carry all proper
insurance with respect thereto. (b) The determinations and findings of the governing body
required to be made by subsection (a) of this section shall be set forth in the proceedings
under which the proposed bonds are to be issued; and, prior to the issuance...
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