§ 32-15-113 — Issuance of special obligation bonds

(1) Upon the approval of the
registered electors pursuant to the provisions of section 32-15-107, the district may
borrow money in anticipation of the revenues generated from the operation of a
stadium and sales tax revenues and from admissions tax revenues, if any, of the
district and may issue special obligation bonds in the maximum principal amount of
two hundred sixty-six million dollars to evidence the amount so borrowed.

(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 that 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 extend beyond January 1, 2012;

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

(h) The terms and timing of payment of interest and the interest rate or rates which
such special obligation bonds bear per annum and that 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 that
have attached interest coupons bearing a manual or facsimile signature of an
officer of the district.

Legislative History

Source: L. 96: Entire article added, p. 1070, � 1, effective May 23. L. 98: (1) amended, p. 509, � 9, effective April 22.