Section 34A-16-28 - Issuance of revenue bonds--Payment--Revenues--Powers of commission.
34A-16-28. Issuance of revenue bonds--Payment--Revenues--Powers of commission. A regional recycling and waste management district may issue revenue bonds for the acquisition or betterment of facilities for the district's solid waste management program, for closure, postclosure, and contingency costs for solid waste facilities, for responses to releases from solid waste facilities, and for refunding outstanding revenue bonds. The district's revenue bonds may be payable from net revenues in excess of current reasonable and necessary costs of operation and maintenance or from gross revenues. Gross and net revenues may be derived from general rates and charges established as provided in § 34A-16-20 and from payments from contracts pursuant to §§ 34A-16-12, 34A-16-13, 34A-16-19, and 34A-16-20. The district may irrevocably pledge and appropriate for the payment of the revenue bonds and interest thereof the gross or net revenues from the operation of all or any defined portion of the solid waste management program and the proceeds of any state or federal grant or loan, and by resolution of the board or by an indenture executed under its authority may make any and all covenants with the bondholders, or with a trustee for the bondholders, which are determined by the district to be necessary or proper to assure the marketability of the bonds, the completion of the facilities financed thereby, the segregation of the revenues pledged in a special account in the solid waste management fund and the establishment, maintenance, and collection of rates and charges sufficient to produce net revenues adequate to pay the bonds and interest thereon when due and to create and maintain a reserve for that purpose, and may mortgage the site and facilities to the trustee. Any holder of bonds issued pursuant to this chapter may by proper proceeding enforce and compel performance of all duties required by this chapter, including the making and collecting of sufficient rates, the segregation of the income and revenue and the proper application thereof. Notwithstanding the provisions and limitations of § 34A-16-9, a district may covenant and agree with bondholders that the rates to be charged for the service from the district shall be sufficient to provide for the payment of interest upon all bonds and to create a debt service fund to pay the principal thereof as and when the same becomes due, and to provide for the operation and maintenance and repairs thereof and depreciation, and shall be revised from time to time so as to produce these amounts. The bonds shall be authorized, issued, and sold as provided in chapter 6-8B, but no election is required for the issuance of the bonds. The board of commissioners of the district may agree with the holders of district obligations which are secured by revenues of the district as to the maximum amounts which the district may charge and collect for service provided by the district. The district may also authorize the issuance of bond anticipation notes in accordance with the provisions of §§ 6-8B-26 to 6-8B-29, inclusive.
Source: SL 1993, ch 259, § 30.