5-12-21. Purposes for which bonds issued--Refunding and refinancing--Pledge of income.
168 words·~1 min read·
/sd/title-5/chapter-5-12/5-12-21A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
To accomplish projects of the kind authorized in this chapter, the Building Authority may borrow money and issue and sell bonds in such amount or amounts as the authority may determine for the purpose of acquiring, constructing, completing, or remodeling, maintaining or equipping any such facility; refund and refinance the same from time to time as often as advantageous and in the public interest to do so; and pledge any and all income of the authority, and any revenues derived by the authority from the facilities, or any combination thereof, to secure the payment of the bonds and to redeem the bonds.
All such bonds are subject to the provisions of §§ 5-12-22 to 5-12-25 , inclusive. Any construction project in the amount of one million five hundred thousand dollars or more which is funded by the Building Authority may, at the option of the Building Authority, have a representative of the Building Authority act as a member of the State Building Committee pursuant to § 5-14-3 .