§ 49-17-89. Borrowing of monies, issuance of securities, etc., by political subdivisions authorized; issuance of municipal securities; validation of securities; provisions of section supplemental.
(1) Political subdivisions are hereby authorized to borrow monies under the provisions of this act, to issue municipal securities to evidence such loans, and to enter into such other agreements necessary for such loans and municipal securities on such terms and conditions as such political subdivisions shall deem necessary and advisable.
(2) In connection with the issuance of municipal securities by political subdivisions to evidence loans under the provisions of this chapter and as may be required by Section 31-25-1 et seq., the following provisions shall specifically apply:
(a) No notice of intent to issue municipal securities as may otherwise be required by state law shall be required.
(b) The governing body of the political subdivision shall adopt such resolutions as may be necessary to borrow monies under this chapter, to issue and sell municipal securities to evidence such loans, and to approve and authorize the execution of any agreements related thereto.
(c) Such loans and municipal securities shall be secured as provided for in Section 49-17-87.
(d) Such loans and municipal securities shall not be deemed general obligations.
(e) Such municipal securities shall be sold only to evidence the repayment of a loan under this chapter and may be sold at such price or prices, in such form, and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as otherwise provided for a loan under this chapter.
(f) A political subdivision may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with any loan and the issuance and sale of municipal securities under this chapter.
(g) Municipal securities issued under this chapter need not be validated as provided in Section 31-13-1 et seq.
(h) This section shall be deemed to provide an additional, alternate and complete method for the doing of the things authorized hereby and shall be deemed and construed to be supplemental to any provisions of any other laws and not in derogation of any such provisions. In connection with the issuance of municipal securities under this chapter, a political subdivision shall not be required to comply with the provisions of any other law except as provided herein.
Sources: Laws, 1991, ch. 578, § 8, eff from and after passage (approved April 12, 1991).
§ 49-17-89. Borrowing of monies, issuance of securities, etc., by political subdivisions authorized; issuance of municipal securities; validation of securities; provisions of section supplemental.
(1) Political subdivisions are hereby authorized to borrow monies under the provisions of this act, to issue municipal securities to evidence such loans, and to enter into such other agreements necessary for such loans and municipal securities on such terms and conditions as such political subdivisions shall deem necessary and advisable.
(2) In connection with the issuance of municipal securities by political subdivisions to evidence loans under the provisions of this chapter and as may be required by Section 31-25-1 et seq., the following provisions shall specifically apply:
(a) No notice of intent to issue municipal securities as may otherwise be required by state law shall be required.
(b) The governing body of the political subdivision shall adopt such resolutions as may be necessary to borrow monies under this chapter, to issue and sell municipal securities to evidence such loans, and to approve and authorize the execution of any agreements related thereto.
(c) Such loans and municipal securities shall be secured as provided for in Section 49-17-87.
(d) Such loans and municipal securities shall not be deemed general obligations.
(e) Such municipal securities shall be sold only to evidence the repayment of a loan under this chapter and may be sold at such price or prices, in such form, and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as otherwise provided for a loan under this chapter.
(f) A political subdivision may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with any loan and the issuance and sale of municipal securities under this chapter.
(g) Municipal securities issued under this chapter need not be validated as provided in Section 31-13-1 et seq.
(h) This section shall be deemed to provide an additional, alternate and complete method for the doing of the things authorized hereby and shall be deemed and construed to be supplemental to any provisions of any other laws and not in derogation of any such provisions. In connection with the issuance of municipal securities under this chapter, a political subdivision shall not be required to comply with the provisions of any other law except as provided herein.
Sources: Laws, 1991, ch. 578, § 8, eff from and after passage (approved April 12, 1991).
§ 49-17-89. Borrowing of monies, issuance of securities, etc., by political subdivisions authorized; issuance of municipal securities; validation of securities; provisions of section supplemental.
(1) Political subdivisions are hereby authorized to borrow monies under the provisions of this act, to issue municipal securities to evidence such loans, and to enter into such other agreements necessary for such loans and municipal securities on such terms and conditions as such political subdivisions shall deem necessary and advisable.
(2) In connection with the issuance of municipal securities by political subdivisions to evidence loans under the provisions of this chapter and as may be required by Section 31-25-1 et seq., the following provisions shall specifically apply:
(a) No notice of intent to issue municipal securities as may otherwise be required by state law shall be required.
(b) The governing body of the political subdivision shall adopt such resolutions as may be necessary to borrow monies under this chapter, to issue and sell municipal securities to evidence such loans, and to approve and authorize the execution of any agreements related thereto.
(c) Such loans and municipal securities shall be secured as provided for in Section 49-17-87.
(d) Such loans and municipal securities shall not be deemed general obligations.
(e) Such municipal securities shall be sold only to evidence the repayment of a loan under this chapter and may be sold at such price or prices, in such form, and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as otherwise provided for a loan under this chapter.
(f) A political subdivision may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with any loan and the issuance and sale of municipal securities under this chapter.
(g) Municipal securities issued under this chapter need not be validated as provided in Section 31-13-1 et seq.
(h) This section shall be deemed to provide an additional, alternate and complete method for the doing of the things authorized hereby and shall be deemed and construed to be supplemental to any provisions of any other laws and not in derogation of any such provisions. In connection with the issuance of municipal securities under this chapter, a political subdivision shall not be required to comply with the provisions of any other law except as provided herein.
Sources: Laws, 1991, ch. 578, § 8, eff from and after passage (approved April 12, 1991).
