3-50-11. Types of bonds; sources from which payable.
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/nm/chapter-3-municipalities/article-50-municipal-parking/3-50-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In order to carry out the purposes of the Municipal Parking Law, a city may issue upon proper resolution, such types of bonds as it may determine, including bonds on which the principal and interest are payable:
A. from the income and revenues of the projects financed with the proceeds of such bonds; or
B. from such income and revenues, together with financial assistance from the state or federal government in aid of such projects; or
C. from the income and revenues of certain designated parking facilities whether or not they were financed in whole or in part with the proceeds of such bonds; or
D. from any contributions, grants or other financial assistance from the state or federal government or from any other source; or
E. from parking meter revenues of the city which may be appropriated by the governing body of the city; or
F. by any combination of these methods. Any such bonds may be additionally secured by a pledge of any parking meter revenues. The governing body of a city may pledge or allocate such parking meter revenues or special taxes for periods of years for the financing or operation of any project authorized by the Municipal Parking Law and the payment of principal and interest on all or any type of bond issued and outstanding pursuant to the Municipal Parking Law, until all of such bonds have been fully paid.
History: 1953 Comp., § 14-51-11, enacted by Laws 1965, ch. 300.