§ 6-62-305 — Bonds or notes - Authorization to issue - Pledge of revenues, funds, etc

(a) In evidence of any loan of funds, the board of trustees is authorized and empowered to issue its negotiable interest-bearing notes or bonds with a specific pledge, for the payment of the principal and interest thereof, and the payment of agents' fees only, all or any part of the following: (1) The gross tolls, fees, rents, and other charges to be derived as income from the project; (2) Any surplus not pledged of the gross tolls, fees, rents, and other charges to be derived from other projects financed in whole or in part by bonds or notes issued by the board; (3) Tuition and fees collected from its students; (4) The gate receipts of athletic contests participated in by its teams; and (5) Any funds received from the United States, or any department or agency thereof, pursuant to any act of Congress, providing for grants or payments to educational institutions in connection with, or in anywise pertaining to, the financing of the accomplishing of the authorities and powers set forth in § 6-62-302 . (b) In regard to the funds referred to in subdivision (a)(5) of this section, the board is authorized to take such action, comply with such terms and conditions, and execute such agreements as may be necessary to apply for, receive, pledge, or use such funds for the above specified or any other lawful purpose. (c) One (1) series of bonds may be issued for more than one (1) project and the revenues therefrom pledged for the payment of the bonds.

Legislative History

Acts 1947, No. 62, § 1; 1949, No. 320, § 1; 1951, No. 313, § 1; 1969, No. 183, § 1; A.S.A. 1947, § 80-3311; Acts 1991, No. 45, § 1.