§ 31-25-908 — Provisions relating to revenue bonds

(1) Revenue bonds issued
by the authority shall be issued in the manner provided in part 4 of article 35 of this
title for the issuance of revenue bonds by municipalities; except that such revenue
bonds may be sold in one or more series at par, or below or above par, at public or
private sale, in such manner and for such price as the authority, in its discretion,
shall determine.

(2) Revenue bonds issued by the authority and interest coupons, if any,
appurtenant thereto shall never constitute the debt or indebtedness of the
municipality within the meaning of any provision or limitation of the state
constitution, statutes, or home rule charter and shall not constitute nor give rise to
a pecuniary liability of the municipality or a charge against its general credit or
taxing powers.

(3) Revenue bonds and the income issued by the authority therefrom are
exempt from taxation, except inheritance, estate, and transfer taxes.

(4) Revenue bonds issued by the authority shall bear interest at a rate such
that the net effective interest rate of the issue of bonds does not exceed the
maximum net effective interest rate authorized.

Legislative History

Source: L. 80: Entire part added, p. 661, � 1, effective July 1.