§ 32-14-117 — Issuance of special obligation bonds

(1) Upon the approval of
the registered electors pursuant to the provisions of section 32-14-105, the district
may borrow money in anticipation of the revenues generated from the operation of
a stadium and sales tax revenues of the district and may issue special obligation
bonds to evidence the amount so borrowed. If the district issues special obligation
bonds after such approval by the registered electors but prior to the granting of a
major league baseball franchise by major league baseball to be located within the
district, the proceeds of such special obligation bonds shall not be used to pay for
any expenses incurred by the district until such time as major league baseball
grants a major league baseball franchise to be located within the district. Special
obligation bonds or other obligations payable in whole or in part from sales tax
revenues or net operating revenues of the district or from moneys or assets of the
district held in escrow may be issued or incurred without an election, in anticipation
of such sales tax revenues or net operating revenues or such moneys or assets held
in escrow.

(2) Special obligation bonds issued pursuant to the provisions of this section
shall satisfy the terms, conditions, and requirements as set forth in any resolution
adopted by the board authorizing the issuance of such special obligation bonds or
in any trust indenture entered into between the board and any commercial bank or
trust company having full trust powers which are not inconsistent with the
provisions of this article. Such terms, conditions, and requirements may include, but
are not limited to, the following:

(a) The execution and delivery of such special obligation bonds by the
district and the times of such execution and delivery;

(b) The form and denominations of such special obligation bonds, including
the terms and maturities;

(c) Whether such special obligation bonds are subject to optional or
mandatory redemption prior to maturity with or without a premium;

(d) Whether such special obligation bonds are in fully registered form or
bearer form registrable as to principal or interest, or both;

(e) Whether such special obligation bonds may bear conversion privileges
and, if so, such conversion privileges;

(f) Whether such special obligation bonds are payable in installments and, if
so, the times of such installment payments; however, the period of time during
which such payments may be made shall not exceed twenty years from the date of
issuance;

(g) The place or places, within or without the state, at which such special
obligation bonds may be paid;

(h) The interest rate or rates which such special obligation bonds bear per
annum and which may be fixed or may vary according to index, procedure, formula,
or such other method as determined by the district or its agents, without regard to
any interest rate limitation specified by the laws of this state;

(i) Whether such special obligation bonds are subject to purchase at the
option of the holder or the district;

(j) The manner of evidencing such special obligation bonds;

(k) Whether such special obligations may be executed by the officers of the
district, including the use of one or more facsimile signatures so long as at least
one manual signature of an officer of the district, or of any agent authenticating the
same, appears on the special obligations bonds; and

(l) Whether such special obligation bonds are in the form of coupon bonds
which have attached interest coupons bearing a manual or facsimile signature of an
officer of the district.

Legislative History

Source: L. 89: Entire article added, p. 1336, � 1, effective June 2. L. 90: Entire section amended, p. 1522, � 10, effective April 16.