3-50-20. Contracts; leases; increase of revenue.
153 words·~1 min read·
/nm/chapter-3-municipalities/article-50-municipal-parking/3-50-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every contract entered into by the authority for the use of any project or the services or facilities thereof acquired, constructed or completed from the proceeds of the sale of revenue bonds shall incorporate by reference the provisions of any ordinance pursuant to which the bonds were issued. Every such contract or lease shall also refer to the provisions of the Municipal Parking Law with respect to the obligation of the city to fix fees and charges to meet the payments provided for in the Municipal Parking Law and the proceedings for the issuance of revenue bonds and all payments required to be made to the authority under such contract shall be subject to increase if and when the authority is required to increase rates or charges to meet its obligations hereunder and under any ordinance providing for the issuance of bonds.
History: 1953 Comp., § 14-51-20, enacted by Laws 1965, ch. 300.