19-9-108 - Obligations of authority -- Limitation -- Issuance.
19-9-108. Obligations of authority -- Limitation -- Issuance.
(1) All obligations of the authority shall plainly state that they are limited and that neitherthe credit of the state nor its taxing authority is pledged in whole or in part in payment of suchobligations.
(2) All obligations, before issuance, shall be authorized by resolution of the authority andmay:
(a) be executed and delivered from time to time, as the authority determines;
(b) be sold at public or private sale in such manner as the authority determines;
(c) be in such form and denominations as the authority determines;
(d) be of such tenor as the authority determines;
(e) be in registered or bearer form either as to principal, interest, or both;
(f) be payable in such installments and at such times as the authority determines;
(g) be payable at such places, either within or without this state, as the authoritydetermines;
(h) bear interest at such rate or rates, payable at such place or places, and evidenced insuch manner, as the authority determines;
(i) be redeemable prior to maturity, with or without premium;
(j) contain any other provisions the authority considers in its best interest that are notinconsistent with this part; and
(k) bear facsimile signatures and seals.
(3) Any or all expenses, premiums, or commissions incurred in the issuance and sale ofits obligations may be paid either from the proceeds of the sale of such obligations or fromrevenues generated by the projects involved.
Renumbered and Amended by Chapter 184, 2003 General Session