§ 11-65-502 — Sources from which bonds may be made payable -- Lake authority powers regarding bonds.

(1) The principal and interest on bonds issued by the lake authority may be made payable from:

(1)(a) the income and revenues of the projects financed with the proceeds of the bonds;
(1)(b) the income and revenues of certain designated projects whether or not they were financed in whole or in part with the proceeds of the bonds;
(1)(c) the income, proceeds, revenues, property, and funds the lake authority derives from or holds in connection with the lake authority's undertaking and carrying out management of lake authority land;
(1)(d) lake authority revenues generally;
(1)(e) a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the lake authority; or
(1)(f) funds derived from any combination of the methods listed in Subsections (1)(a) through (e).
(2) In connection with the issuance of lake authority bonds, the lake authority may:

(2)(a) pledge all or any part of the lake authority's gross or net rents, fees, or revenues to which the lake authority then has the right or to which the lake authority may thereafter acquire a right; and
(2)(b) make the covenants and take the action that may be necessary, convenient, or desirable to secure the lake authority's bonds, or, except as otherwise provided in this chapter, that will tend to make the bonds more marketable, even though such covenants or actions are not specifically enumerated in this chapter.

Legislative History

Enacted by Chapter 59, 2022 General Session