48-6272. Authorization of revenue bonds; conditional expiration
(Conditionally Rpld.)
A. Subject to subsections D and E of this section, the district may issue negotiable revenue bonds pursuant to this article in a principal amount that is necessary to:
1. Provide sufficient monies for theme park purposes. The board may segregate any theme park purpose for separate financing, and may issue bonds separately or together, in one or more issues.
2. Establish and fully or partially fund any reserves or sinking accounts established by the bond resolution.
3. Issue refunding bonds if the board considers refunding to be expedient. The board may provide for investing and holding the proceeds of the refunding bonds in trust for the benefit of the holders of the bonds being refunded.
4. Refund any bonds issued by the district if the bonds are secured from the same source of revenues as the bonds authorized in this article by issuing new bonds, whether the bonds to be refunded have or have not matured.
5. Issue bonds partly to refund outstanding bonds and partly for any theme park purpose consistent with this article.
B. Bonds issued pursuant to this article shall not exceed an outstanding principal amount of one billion dollars, except for refunding bonds and other bonds issued to refund outstanding bonds of the district.
C. The board shall authorize the bonds by resolution. The resolution shall prescribe:
1. The district's revenue sources that are pledged and dedicated to secure the bonds.
2. The rate or rates of interest, which may be fixed or variable, the date or dates on which interest is payable and the denominations of the bonds.
3. The date or dates of the bonds and maturity, which shall be within thirty years after the date of issuance.
4. The manner of executing the bonds.
5. The medium and place of payment.
6. The terms of redemption, which may provide for a premium for early redemption.
D. The board shall not issue bonds under this article unless it receives irrevocable and legally enforceable financial participation commitments from private nongovernmental entities for theme park purposes, including from new market tax credits, in an amount equal to twenty per cent of the principal amount of the bond issue.
E. The authority of the board of directors to issue bonds under this article expires if the board fails to issue any bonds on or before December 31, 2020.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.