§ 36-8-230 — Authority to issue; terms

(a) The commission shall be empowered and is hereby
authorized from time to time to issue its negotiable bonds for
any of its public purposes, including the payment of the cost of
the project and incidental expenses in connection therewith, and
to secure the payment of the same by a lien or pledge covering
all or part of its contracts or revenues. The commission shall
have power from time to time whenever it deems refunding
expedient, to refund any bonds by the issuance of new bonds,
whether the bonds to be refunded have or have not matured, and
may issue bonds partly to refund bonds then outstanding and
partly for any of its additional public purposes. The bonds
shall be authorized by resolution of the commission and shall
bear such date or dates, mature at such time or times, bear
interest at such rate or rates payable at such times as may be
determined by the commission, and may be made redeemable before
maturity, at the option of the commission, at such price or
prices and under such terms and conditions as may be fixed by
the commission prior to the issuance of the bonds. The
commission shall determine the form of the bonds, including any
interest coupons to be attached thereto, and shall fix the
denomination or denominations of the bonds and place or places
of payment of principal and interest, which may be at any bank
or trust company within or without the state. The bonds shall be
signed by the chairman or vice-chairman of the commission or by
their facsimile signature, and the official seal of the
commission shall be affixed thereto or reproduced thereon and
attested by the secretary and treasurer of the commission, and
any coupons attached thereto shall bear the facsimile signature
of the chairman or vice-chairman of the commission. In case any
officer whose signature or facsimile of whose signature shall
appear on any bonds or coupons shall cease to be such officer
before the delivery of such bonds, such signature or such
facsimile shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until such
delivery. All bonds issued under the provisions of this act
shall have and are hereby declared to have all the qualities and
incidents of negotiable instruments under the negotiable
instruments law of the state. The bonds may be issued in coupon
or in registered form, or both, as the commission may determine,
and provision may be made for the registration of any coupon
bonds as to principal alone and also as to both principal and
interest, and for the reconversion into coupon bonds of any
bonds registered as to both principal and interest. The
commission may sell such bonds in such manner and for such price
as it may determine to be for the best interests of the
commission.
(b) Prior to the preparation of definitive bonds, the
commission may under like restrictions, issue interim receipts
or temporary bonds, with or without coupons, exchangeable for
definitive bonds when such bonds shall have been executed and
are available for delivery. The commission may also provide for
the replacement of any bonds which shall become mutilated or
shall be destroyed or lost.
(c) Any resolution or resolutions authorizing any bonds or
any issue of bonds may contain provisions, which shall be a part
of the contract with the holders of the bonds thereby
authorized, as to:
(i) Pledging all or any part of the moneys, earnings,
income and revenues derived from the project of the commission
to secure the payment of the bonds or of any issue of the bonds
subject to such agreements with bondholders as may then exist;
(ii) The rates, rentals, admission fees and other
charges to be fixed and collected and the amounts to be raised
in each year thereby, and the use and disposition of the
earnings and other revenues;
(iii) The setting aside of reserves and the creation
of sinking funds and the regulation and disposition thereof;
(iv) Limitations on the right of the commission to
restrict and regulate the use of the project;
(v) Limitations in the purposes to which and the
manner in which the proceeds of sale of any issue of bonds may
be applied;
(vi) Limitations on the issuance of additional bonds,
the terms upon which additional bonds may be issued and secured;
the refunding of outstanding or other bonds;
(vii) The procedure, if any, by which the terms of
any contract with bondholders may be amended or abrogated, the
amount of bonds the holders of which must consent thereto, and
the manner in which such consent may be given;
(viii) The creation of special funds into which any
earnings or revenues of the commission may be deposited;
(ix) The terms and provisions of any trust indenture
securing the bonds or under which bonds may be issued;
(x) Vesting in a trustee or trustees such properties,
rights, powers and duties in trust as the commission may
determine;
(xi) Defining the acts or omissions to act which
shall constitute a default in the obligations and duties of the
commission to the bondholders and providing the rights and
remedies of the bondholders in the event of such default,
including as a matter of right the appointment of a receiver,
provided, however, that such rights and remedies shall not be
inconsistent with the general laws of this state and other
provisions of this act;
(xii) Limitations on the power of the commission to
sell or otherwise dispose of the project, or any part thereof;
(xiii) Any other matters, of like or different
character which in any way affect the security or protection of
the bonds;
(xiv) Limitations on the amount of moneys derived
from the project to be expended for operating, administrative or
other expenses of the commission;
(xv) The protection and enforcement of the rights and
remedies of the bondholders;
(xvi) The obligations of the commission in relation
to the acquisition, leasing, licensing, construction,
maintenance, operation, repairs and insurance of the project,
the safeguarding and application, of all moneys and as to the
requirements for the supervision, managements, and approval of
consulting engineers and others in connection with construction,
reconstruction and operation;
(xvii) The payment of the proceeds of bonds and
revenues of the project to a trustee or other depository, and
for the method of disbursement thereof with such safeguards and
restrictions as the commission may determine.
(d) It is the intention of the legislature that any pledge
of earnings, revenues or other moneys made by the commission
shall be valid and binding from the time when the pledge is
made; that the earnings, revenues or other moneys so pledged and
thereafter received by the commission shall immediately be
subject to the lien of such pledge without any physical delivery
thereof or further act, and that the lien of any such pledge
shall be valid and binding as against all parties having claims
of any kind in tort, contract or otherwise against the
commission irrespective of whether such parties have notice
thereof. Neither the resolution nor any other instrument by
which a pledge is created need be recorded.
(e) Neither the members of the commission nor any person
executing the bonds or other obligations shall be liable
personally on the bonds or other obligations or be subject to
any personal liability or accountability by reason of the
issuance thereof.
(f) Notwithstanding any other provision of this act, any
resolution or resolutions authorizing bonds of the commission
shall contain a covenant by the commission that it will at all
times maintain rates, admission fees, rentals, and other charges
sufficient to pay the cost of operation and maintenance of the
project, the principal of and interest on any bonds issued
pursuant to such resolution or resolutions as the same severally
become due and payable, and to maintain any reserves or other
funds required by the terms of such resolution or resolutions.