§ 14-201-111 — Authority to borrow, issue bonds or notes - Pledge of revenues

(a) The commission may borrow money and issue negotiable evidences of debt therefor either in the form of bonds or short-term notes, and it may execute such negotiable notes or bonds to obtain the funds needed to carry out its functions. (b) The commission may also pledge its revenues including the income from operations, and it may mortgage waterworks or electric system property to secure the payment of money borrowed.

Legislative History

Acts 1957, No. 115 § 11; 1981, No. 425, § 48; 1983, No. 442, § 2; 1985, No. 889, § 4; A.S.A. 1947, § 19-4071.