19-5311. Bonds; issuance; procedure; liability.
(1) An authority shall have the power to issue bonds for any of its corporate purposes, the principal and interest of which are payable from its revenue generally. Any of such bonds shall be secured by a pledge of any revenue of the authority or by a mortgage of any property owned by the authority.
(2) The bonds issued by an authority are hereby declared to have all the qualities of negotiable instruments under the Uniform Commercial Code.
(3) The bonds of an authority and the income therefrom shall at all times be exempt from all taxes imposed by the state or any political subdivision thereof.
(4) Bonds issued by an authority shall be authorized by resolution of the authority and shall be limited obligations of the authority. The principal and interest, costs of issuance, and other costs incidental thereto shall be payable by any revenue of the authority or by the disposition of any assets of the authority. Any refunding bonds issued shall be payable from any source described in this subsection or from the investment of any of the proceeds of the refunding bonds and shall not constitute an indebtedness or pledge of the general credit of any city within the meaning of any constitutional or statutory limitation of indebtedness and shall contain a recital to that effect. Bonds of the authority shall be issued in such form, shall be in such denominations, shall bear interest, shall mature in such manner, and shall be executed by one or more members of the authority as provided in the resolution authorizing the issuance thereof. Such bonds may be subject to redemption at the option of and in the manner determined by the authority in the resolution authorizing the issuance thereof.
(5) Bonds issued by the authority shall be issued, sold, and delivered in accordance with the terms and provisions of a resolution adopted by the authority. The authority may sell such bonds in such manner, either at public or private sale, and for such price as it may determine to be in the best interests of the authority. The resolution authorizing the issuance of bonds shall be published in a newspaper in or of general circulation within the city that created the authority.
(6) Neither the members of the authority nor any person executing the bonds shall be liable personally on any such bonds by reason of the issuance thereof. Such bonds or other obligations of an authority shall not be a debt of any city and shall so state on their face, and no city nor any revenue or any property of any city shall be liable for such bonds or other obligations except as provided in the Riverfront Development District Act.
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