§ 14-185-116 — Authority to borrow funds, issue bonds

(a) Port authorities are authorized and empowered to enter into the necessary contracts for the borrowing of funds, pursuant to the provisions of this chapter, which they may determine will be required to carry out the powers of port authorities and to carry out the purposes of this chapter. In this regard, port authorities are authorized to issue bonds and to use the proceeds of them for the carrying out of the powers of port authorities and the accomplishment of the purposes of this chapter, either alone or together with other available funds and revenues. (b) Any port authority is also authorized to issue revenue bonds under the provisions of this chapter for the purpose of applying a major portion of the proceeds of the revenue bonds, alone or with other revenues that may be pledged, to the acquisition of an investment contract or contracts at a rate or rates of interest at least sufficient to provide for principal, premium, if any, and interest on the revenue bonds, as due, in consideration of the receipt of a portion of the proceeds for application by the port authority to one (1) or more of the purposes authorized by this chapter.

Legislative History

Acts 1961, No. 439, § 9; 1975 (Extended Sess., 1976), No. 1232, § 1; A.S.A. 1947, § 21-1509; Acts 1987, No. 46, § 1; reen. Acts 1987, No. 1017, § 1.