9-21-605 - Capital outlay notes issued solely for the acquisition of a fee simple absolute interest in land.
9-21-605. Capital outlay notes issued solely for the acquisition of a fee simple absolute interest in land.
Capital outlay notes issued solely for the acquisition of a fee simple absolute interest in land pursuant to this section may be issued for a period not to exceed the end of the tenth fiscal year following the fiscal year in which the notes were issued. Each fiscal year any notes are outstanding following the fiscal year in which the notes are issued, the local government shall retire principal on the notes in an amount that is estimated to be at least equal to an amortization that will reflect level debt service of the note issue as established at the time of sale, or as otherwise approved by the state director of local finance; provided, that all such notes shall be retired in no event greater than the end of the tenth fiscal year following the fiscal year in which the notes were issued. The resolution authorizing any such issue of notes shall provide for the principal of the notes to be payable annually, either by maturity or by mandatory redemption. The resolution authorizing such notes may provide that the notes shall be subject to redemption prior to maturity at the option of the local government.
[Acts 1986, ch. 770, § 6-5; 1987, ch. 77, § 9; 2005, ch. 393, § 5.]