§ 23-71-703 — Power to issue securities

(1) The committee of any district,
pursuant to authorizing resolution and subject to the provisions and contractual
limitations in resolutions authorizing outstanding revenue bonds and other
securities of the district, may issue, without an election, securities to defray, in
whole or in part, the cost of a project in the manner provided in and subject to the
limitations imposed by this part 7.

(2) The project may be the acquisition, by purchase, construction, or
otherwise, the improvement, or the equipment, or any combination thereof, of any
dormitory, faculty or student housing unit, dining hall, recreational center, student
center, laboratory, classroom, classroom building, administrative office,
administrative building, swimming pool, gymnasium, athletic field, stadium, and any
other building, structure, or land necessary or desirable for use in connection with a
local district college of a district.

(3) The cost of the project may include, in the committee's discretion, all
incidental costs pertaining to the project and the financing thereof, including,
without limitation, contingencies and the capitalization with proceeds of securities
of operation and maintenance expenses appertaining to facilities to be acquired
and interest on the securities for any period not exceeding the period estimated by
the committee to effect the project plus one year, of any discount on the securities
and of any reserves for payment of principal of and interest on the securities.

Legislative History

Source: L. 75: Entire article added, p. 783, � 1, effective July 1.