§ 5-1163 — Authorization of bonds

(Conditionally Rpld.)

A. The authority may issue bonds pursuant to this article in a principal amount that is necessary to:

1. Provide sufficient monies for any sports authority purposes.

2. Establish and fully or partially fund any required reserves or sinking accounts.

3. Issue refunding bonds to refund bonds issued by the authority if the authority board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.

B. The authority board shall authorize the bonds by resolution. The resolution shall prescribe:

1. The revenue sources that are pledged and dedicated to secure the bonds.

2. The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.

3. The date or dates of the bonds and maturity, which shall be within thirty years after the date of issuance.

4. The manner of executing the bonds.

5. The medium and place of payment.

6. The terms of redemption, which may provide for a premium for early redemption.