§ 61-5-17. Bond issues for financing facility costs.
The cost of planning and acquiring, establishing, developing, constructing, enlarging, improving, or equipping an airport or air navigation facility, or the site therefor, including buildings and other facilities incidental to the operation thereof, and the acquisition or elimination of airport hazards, may be paid for wholly or partly from the proceeds of the sale of bonds or notes of the municipality, as the governing body of the municipality shall determine. For such purposes a municipality may issue general or special obligation bonds, revenue bonds or other forms of bonds or notes, secured or unsecured, including refunding bonds, in the manner and within the limitations prescribed by the laws of this state or the charter of the municipality for the authorization and issuance of bonds or notes thereof for public purposes generally. Such bonds may be sold at public or private sale at not less than par and shall bear interest at a rate or rates as the municipality shall determine, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101 for general obligation bonds, or Section 75-17-103 for revenue bonds, as the case may be. Any bonds or notes issued by a municipality pursuant to this section which are payable, as to principal and interest, solely from the revenues of an airport or air navigation facility (and such bonds or notes shall so state on their face), shall not constitute a debt of such municipality within the meaning of any constitutional or statutory debt limitation or restriction. In any suit, action or proceeding involving the security, or the validity or enforceability, of any bond or note issued by a municipality, which bond or note states on its face that it was issued pursuant to the provision of this section and for a purpose or purposes authorized or accomplished by this section, such bond or note shall be conclusively deemed to have been issued pursuant to this section for such purpose or purposes.
Sources: Codes, 1942, § 7545-10; Laws, 1958, ch. 513, § 10; Laws, 1976, ch. 329; Laws, 1985, ch. 477, § 12, eff from and after passage (approved April 8, 1985).
§ 61-5-17. Bond issues for financing facility costs.
The cost of planning and acquiring, establishing, developing, constructing, enlarging, improving, or equipping an airport or air navigation facility, or the site therefor, including buildings and other facilities incidental to the operation thereof, and the acquisition or elimination of airport hazards, may be paid for wholly or partly from the proceeds of the sale of bonds or notes of the municipality, as the governing body of the municipality shall determine. For such purposes a municipality may issue general or special obligation bonds, revenue bonds or other forms of bonds or notes, secured or unsecured, including refunding bonds, in the manner and within the limitations prescribed by the laws of this state or the charter of the municipality for the authorization and issuance of bonds or notes thereof for public purposes generally. Such bonds may be sold at public or private sale at not less than par and shall bear interest at a rate or rates as the municipality shall determine, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101 for general obligation bonds, or Section 75-17-103 for revenue bonds, as the case may be. Any bonds or notes issued by a municipality pursuant to this section which are payable, as to principal and interest, solely from the revenues of an airport or air navigation facility (and such bonds or notes shall so state on their face), shall not constitute a debt of such municipality within the meaning of any constitutional or statutory debt limitation or restriction. In any suit, action or proceeding involving the security, or the validity or enforceability, of any bond or note issued by a municipality, which bond or note states on its face that it was issued pursuant to the provision of this section and for a purpose or purposes authorized or accomplished by this section, such bond or note shall be conclusively deemed to have been issued pursuant to this section for such purpose or purposes.
Sources: Codes, 1942, § 7545-10; Laws, 1958, ch. 513, § 10; Laws, 1976, ch. 329; Laws, 1985, ch. 477, § 12, eff from and after passage (approved April 8, 1985).
§ 61-5-17. Bond issues for financing facility costs.
The cost of planning and acquiring, establishing, developing, constructing, enlarging, improving, or equipping an airport or air navigation facility, or the site therefor, including buildings and other facilities incidental to the operation thereof, and the acquisition or elimination of airport hazards, may be paid for wholly or partly from the proceeds of the sale of bonds or notes of the municipality, as the governing body of the municipality shall determine. For such purposes a municipality may issue general or special obligation bonds, revenue bonds or other forms of bonds or notes, secured or unsecured, including refunding bonds, in the manner and within the limitations prescribed by the laws of this state or the charter of the municipality for the authorization and issuance of bonds or notes thereof for public purposes generally. Such bonds may be sold at public or private sale at not less than par and shall bear interest at a rate or rates as the municipality shall determine, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-101 for general obligation bonds, or Section 75-17-103 for revenue bonds, as the case may be. Any bonds or notes issued by a municipality pursuant to this section which are payable, as to principal and interest, solely from the revenues of an airport or air navigation facility (and such bonds or notes shall so state on their face), shall not constitute a debt of such municipality within the meaning of any constitutional or statutory debt limitation or restriction. In any suit, action or proceeding involving the security, or the validity or enforceability, of any bond or note issued by a municipality, which bond or note states on its face that it was issued pursuant to the provision of this section and for a purpose or purposes authorized or accomplished by this section, such bond or note shall be conclusively deemed to have been issued pursuant to this section for such purpose or purposes.
Sources: Codes, 1942, § 7545-10; Laws, 1958, ch. 513, § 10; Laws, 1976, ch. 329; Laws, 1985, ch. 477, § 12, eff from and after passage (approved April 8, 1985).
