67-8705. POWERS AND DUTIES OF THE AUTHORITY. The authority shall have the following powers and duties:

(1) To sue and be sued in its own name;

(2) To adopt and from time to time alter an official seal;

(3) To adopt and from time to time amend or repeal rules and bylaws;

(4) To accept and receive public grants or private gifts, bequests or other moneys;

(5) To purchase municipal bonds on original issue or previously issued, from the municipality issuer or from any other source, and to obtain funds for such other purposes of the authority authorized by this chapter by:

(a) Issuing bonds payable from or secured by municipal bonds of one (1) or more municipalities;

(b) Pledging or otherwise obligating, for and in the name and on behalf of the state as its agent and instrumentality, sales tax revenues of the state as a source of payment or security for bonds issued by the authority;

(c) Establishing debt service reserve funds or other reserve funds;

(d) Obtaining private credit enhancement for bonds issued by the authority;

(e) Investing moneys held by the authority, as proceeds or to pay or secure bonds issued by the authority, in such securities or obligations as are described in the indenture, trust agreement or other instrument providing for the authority’s issuance of the bonds;

(f) Investing any moneys held by the authority, in excess of funds described in paragraph (e) of this subsection, in any securities or other obligations in which a trustee may invest as provided by law;

(g) Taking any other actions and entering into such other contracts and agreements as the authority may determine to be necessary or appropriate to accomplish the purposes of the authority and this chapter; or

(h) Facilitating the purchase of notes from municipalities to be utilized by a municipality in purchasing, leasing or lease-purchasing tangible personal property when the note was otherwise legally issued and authorized by a municipality and the purchase of the note from a municipality does not violate the state constitution.

(6) To charge such fees to municipalities or other potential sellers of municipal bonds in connection with application for and receipt of financing under this chapter and interest and other charges on or in connection with municipal bonds purchased as it may deem necessary or appropriate to cover all costs and expenses of the authority and its operations, and to set such other terms and conditions on its services or purchase of municipal bonds as may be necessary or appropriate to secure the bonds or improve their marketability or to otherwise achieve the purposes of the authority;

(7) To take any and all actions, execute any and all contracts, including payment of any arbitrage rebate as may be necessary to obtain or maintain exemption of interest on bonds issued by the authority from federal income taxes; provided however, that nothing shall prevent the authority from issuing bonds bearing interest subject to federal income tax; and

(8) To develop underwriting policies or guidelines in connection with municipal bonds purchased by the authority.

History:

[67-8705, added 2001, ch. 130, sec. 1, p. 453; am. 2003, ch. 93, sec. 1, p. 278; am. 2005, ch. 389, sec. 2, p. 1250.]