§ 39-16-11. Terms and sale of bonds — Refunding.
(a) The authority is hereby authorized to provide by resolution for the issuance, at one
time or from time to time, of revenue bonds of the authority for the purpose of paying
all or part of the cost to acquire, construct, reconstruct, rehabilitate, improve,
or maintain any property necessary or desirable for the purposes of the authority.
The bonds shall be authorized by resolution of the board, and shall bear such date
or dates, mature at such time or times not exceeding forty (40) years from their date,
bear interest at such rate or rates payable at such time or times, be in such denominations,
be in such form, either coupon or registered, carry such registration privileges and
such privileges of reconversion from registered to coupon form, be executed in such
manner, be payable in such medium of payment, at such place or places and be subject
to redemption at such premium, if required, and on such terms, as the resolution may
provide. Notwithstanding the requirement of § 39-16-8 that any indebtedness incurred by the authority shall be payable solely from the
earnings or revenues derived from all or part of the property acquired by the authority,
the authority may purchase, or otherwise acquire, or require bond insurance, letters
of credit, lines of credit, or such other instruments or securities to ensure the
timely payment of principal, interest, and/or redemption premium on the bonds.
(b) Pending the preparation of the bonds in definitive form, the board shall have the
power to issue temporary bonds or interim receipts in such form as the board may elect.
The definitive bonds shall be signed by the chairperson of the authority or a facsimile
thereof shall be impressed or imprinted thereon and attested by the manual or facsimile
signature of the secretary of the authority, and any coupons attached to the bonds
shall bear the facsimile signature of the chairperson of the authority. In case any
officer whose signature or facsimile of whose signature shall appear on any bonds
or coupons shall cease to be an officer before the delivery of the bonds, the signature
or the facsimile shall nevertheless be valid and sufficient for all purposes the same
as if he or she had remained in office until delivery.
(c) Any bonds, authorized by and issued pursuant to this chapter, may be sold at public
or private sale for such price or prices as the authority shall determine.
(d) The authority is hereby authorized to provide for the issuance of refunding bonds
of the authority for the purpose of refunding any bonds then outstanding that shall
have been issued under the provisions of this chapter, including the payment of any
redemption premium thereon or interest accrued or to accrue to the earliest or subsequent
date of redemption purchase or maturity of the bonds and, if deemed advisable by the
authority, for the additional purpose of paying all or part of the cost of acquiring,
constructing, reconstructing, rehabilitating, or improving any property of the authority.
The proceeds of bonds or notes issued for the purpose of refunding outstanding bonds
or notes may be applied, in the discretion of the authority, to the purchase, retirement
at maturity, or redemption of the outstanding bonds or notes, either on their earliest
or a subsequent redemption date, and may, pending that application, be placed in escrow.
Any escrowed proceeds may be invested and reinvested in obligations of or guaranteed
by the United States, or in certificates of deposit, time deposits, or repurchase
agreements fully secured or guaranteed by the state or the United States, or an instrumentality
of either, maturing at such time or times as shall be appropriate to ensure the prompt
payment, as to principal, interest, and redemption premium, if any, of the outstanding
bonds or notes to be so refunded. After the terms of the escrow have been fully satisfied
and carried out, any balance of the proceeds and interest, income, and profits, if
any, earned or realized on the investments thereof, may be returned to the authority
for use by it in furtherance of its purposes. The portion of the proceeds of bonds
or notes issued for the additional purpose of paying all or part of the cost of acquiring,
constructing, reconstructing, rehabilitating, developing, or improving any property
of the authority may be invested and reinvested in such obligations, securities, and
other investments consistent with this section as shall be specified in the resolutions
under which the bonds are authorized and that shall mature not later than the times
when the proceeds will be needed for these purposes. The interest, income, and profits,
if any, earned or realized on the investments may be applied to the payment of all
parts of the costs, or may be used by the authority otherwise in furtherance of its
purposes. The issuance of the bonds, the maturities, and other details thereof, the
rights of the holders thereof, and the rights, duties, and obligations of the authority
in respect to the bonds shall be governed by the provisions of this chapter insofar
as the provisions may be applicable.