§ 39-18-7 Bonds. – (a) The authority is hereby authorized to provide, by resolution, for theissuance at one time, or from time to time, of bonds of the authority for anyof its purposes. The bonds may be general obligations of the authority orspecial obligations payable only from particular funds. The bonds of each issueshall be dated, shall bear interest at such rate or rates as may be determinedby the authority, and shall mature at such time or times not exceeding thirty(30) years from their date or dates as may be determined by the authority, andmay be made redeemable before maturity, at the option of the authority, at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. Temporary notes of the authorityissued in anticipation of revenues to be received by the authority or inanticipation of the receipt of federal, state, or local grants or other aidshall mature no later than thirteen (13) months from their respective dates orsix (6) months after the expected date of receipt of the grants or aid,whichever shall be later, and shall be in an amount not exceeding thelimitations imposed by the last paragraph of this section. The authority shalldetermine the form of the bonds, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest which may be at anybank or trust company within or without the state. The bonds shall be signed bythe chairperson of the authority or shall bear his or her facsimile signature,and the official seal of the authority, or a facsimile thereof, shall beimpressed or imprinted thereupon and attested by the secretary of theauthority, and any coupons attached to the bonds shall bear the facsimilesignature of the chairperson of the authority. In case any officer whosesignature or facsimile of whose signature shall appear on any bonds or couponsshall cease to be the officer before the delivery of the bonds, the signatureor the facsimile shall, nevertheless, be valid and sufficient for all purposesthe same as if he or she had remained in office until delivery. The bonds maybe issued in coupon or in registered form, or both, as the authority maydetermine and provision may be made for the registration of any coupon bonds asto principal alone, and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds. The authoritymay sell such bonds in such manner either at public or private sale and forsuch price as it may determine will best effect the purposes of this chapter.
(b) The proceeds of the bonds of each issue shall bedisbursed in such manner and under such restrictions, if any, as the authoritymay provide in the resolution authorizing the issuance of the bonds or in thetrust agreement described in § 39-18-8 securing the bonds.
(c) Prior to the preparation of definitive bonds, theauthority may, under like restrictions, issue interim receipts or temporarybonds with or without coupons, exchangeable for definitive bonds when the bondsshall have been executed and are available for delivery. The authority may alsoprovide for the replacement of any bonds which shall become mutilated or shallbe destroyed or lost. Except as provided in the following paragraph, bonds maybe issued under the provisions of this chapter without obtaining the consent ofany department, division, commission, board, bureau, or agency of the state,and without any other proceedings or the happenings of any other conditions, orthings than those proceedings, conditions, or things which are specificallyrequired by this chapter.
(d) No bonds shall be issued by the authority unless, at thetime of the adoption by the authority of the resolution authorizing theissuance of the bonds, the authority shall have received from the generalmanager or chief financial officer of the authority a certificate indicatingthat the payments of principal (including any payments made to a reserve fundother than payments made from bond proceeds) and interest on the bonds,together with the payments of the principal and interest on all other thenoutstanding bonds of the authority, will not exceed during any fiscal year ofthe authority eighty percent (80%) of the revenues (including, withoutlimitation, grants and other aid) of the authority during the fiscal year. Indetermining the amount of the principal and interest payments to be made duringany fiscal year, there shall be deducted any payments to be made from a reservefund previously established to provide for the payments. The certificate shallbe based upon the reasonable expectations (both as to the amount of revenues tobe received by the authority and as to the maximum amount of any variablepayments to be made on the bonds) of the officer of the authority executing thecertificate at the time the certificate is delivered. The certificate shalldescribe with reasonable particularity the calculations of principal andinterest payments and of anticipated revenues upon which the certificate isbased. A copy of the certificate shall be furnished to the governor prior tothe issuance of the bonds described in the certificate and, in the case of anybonds whose issuance, according to the certificate, is expected to result inthe aggregate amount of principal and interest payments (calculated as above)on the bonds and all then outstanding bonds of the authority exceeding in anyfiscal year of the authority fifty percent (50%) of the revenues of theauthority, the bonds shall not be issued unless the governor shall haveapproved the issuance or not disapproved the issuance within thirty (30) daysof the receipt of the certificate. Approval or disapproval of any bond issue bythe governor shall be evidenced by delivery to the authority of a certificateapproving or disapproving the issue or any part thereof.
§ 39-18-7 Bonds. – (a) The authority is hereby authorized to provide, by resolution, for theissuance at one time, or from time to time, of bonds of the authority for anyof its purposes. The bonds may be general obligations of the authority orspecial obligations payable only from particular funds. The bonds of each issueshall be dated, shall bear interest at such rate or rates as may be determinedby the authority, and shall mature at such time or times not exceeding thirty(30) years from their date or dates as may be determined by the authority, andmay be made redeemable before maturity, at the option of the authority, at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. Temporary notes of the authorityissued in anticipation of revenues to be received by the authority or inanticipation of the receipt of federal, state, or local grants or other aidshall mature no later than thirteen (13) months from their respective dates orsix (6) months after the expected date of receipt of the grants or aid,whichever shall be later, and shall be in an amount not exceeding thelimitations imposed by the last paragraph of this section. The authority shalldetermine the form of the bonds, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest which may be at anybank or trust company within or without the state. The bonds shall be signed bythe chairperson of the authority or shall bear his or her facsimile signature,and the official seal of the authority, or a facsimile thereof, shall beimpressed or imprinted thereupon and attested by the secretary of theauthority, and any coupons attached to the bonds shall bear the facsimilesignature of the chairperson of the authority. In case any officer whosesignature or facsimile of whose signature shall appear on any bonds or couponsshall cease to be the officer before the delivery of the bonds, the signatureor the facsimile shall, nevertheless, be valid and sufficient for all purposesthe same as if he or she had remained in office until delivery. The bonds maybe issued in coupon or in registered form, or both, as the authority maydetermine and provision may be made for the registration of any coupon bonds asto principal alone, and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds. The authoritymay sell such bonds in such manner either at public or private sale and forsuch price as it may determine will best effect the purposes of this chapter.
(b) The proceeds of the bonds of each issue shall bedisbursed in such manner and under such restrictions, if any, as the authoritymay provide in the resolution authorizing the issuance of the bonds or in thetrust agreement described in § 39-18-8 securing the bonds.
(c) Prior to the preparation of definitive bonds, theauthority may, under like restrictions, issue interim receipts or temporarybonds with or without coupons, exchangeable for definitive bonds when the bondsshall have been executed and are available for delivery. The authority may alsoprovide for the replacement of any bonds which shall become mutilated or shallbe destroyed or lost. Except as provided in the following paragraph, bonds maybe issued under the provisions of this chapter without obtaining the consent ofany department, division, commission, board, bureau, or agency of the state,and without any other proceedings or the happenings of any other conditions, orthings than those proceedings, conditions, or things which are specificallyrequired by this chapter.
(d) No bonds shall be issued by the authority unless, at thetime of the adoption by the authority of the resolution authorizing theissuance of the bonds, the authority shall have received from the generalmanager or chief financial officer of the authority a certificate indicatingthat the payments of principal (including any payments made to a reserve fundother than payments made from bond proceeds) and interest on the bonds,together with the payments of the principal and interest on all other thenoutstanding bonds of the authority, will not exceed during any fiscal year ofthe authority eighty percent (80%) of the revenues (including, withoutlimitation, grants and other aid) of the authority during the fiscal year. Indetermining the amount of the principal and interest payments to be made duringany fiscal year, there shall be deducted any payments to be made from a reservefund previously established to provide for the payments. The certificate shallbe based upon the reasonable expectations (both as to the amount of revenues tobe received by the authority and as to the maximum amount of any variablepayments to be made on the bonds) of the officer of the authority executing thecertificate at the time the certificate is delivered. The certificate shalldescribe with reasonable particularity the calculations of principal andinterest payments and of anticipated revenues upon which the certificate isbased. A copy of the certificate shall be furnished to the governor prior tothe issuance of the bonds described in the certificate and, in the case of anybonds whose issuance, according to the certificate, is expected to result inthe aggregate amount of principal and interest payments (calculated as above)on the bonds and all then outstanding bonds of the authority exceeding in anyfiscal year of the authority fifty percent (50%) of the revenues of theauthority, the bonds shall not be issued unless the governor shall haveapproved the issuance or not disapproved the issuance within thirty (30) daysof the receipt of the certificate. Approval or disapproval of any bond issue bythe governor shall be evidenced by delivery to the authority of a certificateapproving or disapproving the issue or any part thereof.
§ 39-18-7 Bonds. – (a) The authority is hereby authorized to provide, by resolution, for theissuance at one time, or from time to time, of bonds of the authority for anyof its purposes. The bonds may be general obligations of the authority orspecial obligations payable only from particular funds. The bonds of each issueshall be dated, shall bear interest at such rate or rates as may be determinedby the authority, and shall mature at such time or times not exceeding thirty(30) years from their date or dates as may be determined by the authority, andmay be made redeemable before maturity, at the option of the authority, at suchprice or prices and under such terms and conditions as may be fixed by theauthority prior to the issuance of the bonds. Temporary notes of the authorityissued in anticipation of revenues to be received by the authority or inanticipation of the receipt of federal, state, or local grants or other aidshall mature no later than thirteen (13) months from their respective dates orsix (6) months after the expected date of receipt of the grants or aid,whichever shall be later, and shall be in an amount not exceeding thelimitations imposed by the last paragraph of this section. The authority shalldetermine the form of the bonds, including any interest coupons to be attachedthereto, and shall fix the denomination or denominations of the bonds and theplace or places of payment of the principal and interest which may be at anybank or trust company within or without the state. The bonds shall be signed bythe chairperson of the authority or shall bear his or her facsimile signature,and the official seal of the authority, or a facsimile thereof, shall beimpressed or imprinted thereupon and attested by the secretary of theauthority, and any coupons attached to the bonds shall bear the facsimilesignature of the chairperson of the authority. In case any officer whosesignature or facsimile of whose signature shall appear on any bonds or couponsshall cease to be the officer before the delivery of the bonds, the signatureor the facsimile shall, nevertheless, be valid and sufficient for all purposesthe same as if he or she had remained in office until delivery. The bonds maybe issued in coupon or in registered form, or both, as the authority maydetermine and provision may be made for the registration of any coupon bonds asto principal alone, and also as to both principal and interest, for thereconversion into coupon bonds of any bonds registered as to both principal andinterest, and for the interchange of registered and coupon bonds. The authoritymay sell such bonds in such manner either at public or private sale and forsuch price as it may determine will best effect the purposes of this chapter.
(b) The proceeds of the bonds of each issue shall bedisbursed in such manner and under such restrictions, if any, as the authoritymay provide in the resolution authorizing the issuance of the bonds or in thetrust agreement described in § 39-18-8 securing the bonds.
(c) Prior to the preparation of definitive bonds, theauthority may, under like restrictions, issue interim receipts or temporarybonds with or without coupons, exchangeable for definitive bonds when the bondsshall have been executed and are available for delivery. The authority may alsoprovide for the replacement of any bonds which shall become mutilated or shallbe destroyed or lost. Except as provided in the following paragraph, bonds maybe issued under the provisions of this chapter without obtaining the consent ofany department, division, commission, board, bureau, or agency of the state,and without any other proceedings or the happenings of any other conditions, orthings than those proceedings, conditions, or things which are specificallyrequired by this chapter.
(d) No bonds shall be issued by the authority unless, at thetime of the adoption by the authority of the resolution authorizing theissuance of the bonds, the authority shall have received from the generalmanager or chief financial officer of the authority a certificate indicatingthat the payments of principal (including any payments made to a reserve fundother than payments made from bond proceeds) and interest on the bonds,together with the payments of the principal and interest on all other thenoutstanding bonds of the authority, will not exceed during any fiscal year ofthe authority eighty percent (80%) of the revenues (including, withoutlimitation, grants and other aid) of the authority during the fiscal year. Indetermining the amount of the principal and interest payments to be made duringany fiscal year, there shall be deducted any payments to be made from a reservefund previously established to provide for the payments. The certificate shallbe based upon the reasonable expectations (both as to the amount of revenues tobe received by the authority and as to the maximum amount of any variablepayments to be made on the bonds) of the officer of the authority executing thecertificate at the time the certificate is delivered. The certificate shalldescribe with reasonable particularity the calculations of principal andinterest payments and of anticipated revenues upon which the certificate isbased. A copy of the certificate shall be furnished to the governor prior tothe issuance of the bonds described in the certificate and, in the case of anybonds whose issuance, according to the certificate, is expected to result inthe aggregate amount of principal and interest payments (calculated as above)on the bonds and all then outstanding bonds of the authority exceeding in anyfiscal year of the authority fifty percent (50%) of the revenues of theauthority, the bonds shall not be issued unless the governor shall haveapproved the issuance or not disapproved the issuance within thirty (30) daysof the receipt of the certificate. Approval or disapproval of any bond issue bythe governor shall be evidenced by delivery to the authority of a certificateapproving or disapproving the issue or any part thereof.
