9-41A-38. Bonds and notes authorized--Purposes.
164 words·~1 min read·
/sd/title-9/chapter-9-41/9-41a-38A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A municipal power agency may from time to time issue its bonds or notes in such principal amounts as the municipal power agency shall deem necessary to provide sufficient funds to carry out any of its corporate purposes and powers, including but not limited to:
(1)The acquisition or construction of any project to be owned or leased by the municipal power agency, or the acquisition of any interest therein or any right to capacity thereof;
(2)The funding or refunding of the principal of, or interest or redemption premiums on, any bonds or notes issued by it whether or not the bonds or notes or interest to be funded or refunded have or have not become due;
(3)The establishment or increase of reserves to secure or to pay the bonds or notes or interest thereon; and
(4)The payment of all other costs or expenses of the municipal power agency incident to and necessary to carry out its corporate purposes and powers.