§ 11-59-107 — General registration provisions

(1) An application for
registration of bonds may be filed by the district proposing to issue the bonds or a
broker-dealer licensed or exempt under article 51 of this title acting on behalf of
such district.

(2) Every application for registration shall be accompanied by a fee, which
shall be determined and collected pursuant to section 11-59-119.

(3) Any document or portion thereof filed with the securities commissioner
under this article within five years preceding the filing of an application for
registration may be incorporated by reference in an application to the extent that
such document or portion thereof is accurate at the time of such incorporation by
reference.

(4) The securities commissioner may, by rule or order, permit the omission of
any item of information or document from any application.

(5) The securities commissioner may, by rule or order, require as a condition
of registration under section 11-59-108 that a district require that persons building
or developing improvements in the district furnish security to the district for their
undertakings relating to payments supporting the offering. The commissioner may,
by rule or order, determine the manner and form of such security, which may
include but need not be limited to:

(a) Letters of credit or guarantees from depository institutions or such other
persons, companies, or institutions approved by the securities commissioner;

(b) Escrow deposits of cash or securities; or

(c) First lien mortgages on land owned by developers or builders, together
with recent appraisals.

(6) An application for registration may be amended after its effective date so
as to increase the quantity of bonds being offered. A district filing such an
amendment shall pay a fee, which shall be determined and collected pursuant to
section 11-59-119, with respect to the additional bonds being registered.

Legislative History

Source: L. 91: Entire article added, p. 2411, � 1, effective January 1, 1992.