18-2124. Bonds; issuance; sources of payment; limitations.

333 words·~2 min read·/ne/chapter-18/18-2124

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

An authority may issue bonds, including conduit revenue bonds subject to a taxpayer agreement entered into pursuant to subsection

(3)of section 18-2147 , from time to time in its discretion for any of its corporate purposes, including the payment of principal and interest upon any advances for surveys and plans for redevelopment projects. An authority may also issue refunding bonds for the purpose of paying, retiring, or otherwise refinancing or in exchange for any or all of the principal or interest upon bonds previously issued by the authority. An authority may issue such types of bonds as it may determine, including, without limiting the generality of the foregoing, bonds on which the principal and interest are payable:

(1)Exclusively from the income, proceeds, and revenue of the redevelopment project financed with proceeds of such bonds;

(2)exclusively from the income, proceeds, and revenue of any of its redevelopment projects whether or not they are financed in whole or in part with the proceeds of such bonds;

(3)exclusively from its revenue and income, including any special assessment levied pursuant to section 18-1722 and such tax revenue or receipts as may be authorized under the Community Development Law, including those which may be pledged under section 18-2150 , and from such grants and loans as may be received; or

(4)from all or part of the income, proceeds, and revenue enumerated in subdivisions (1), (2), and

(3)of this section. Any such bonds may be additionally secured by a pledge of any loan, grant, or contributions, or parts thereof, from the federal government or other source or a mortgage of any redevelopment project or projects of the authority. The authority shall not pledge the credit or taxing power of the state or any political subdivision thereof, except such tax receipts as may be authorized under this section or pledged under section 18-2150 , or place any lien or encumbrance on any property owned by the state, county, or city used by the authority.