7-15-4301. Authorization to issue urban renewal bonds, industrial infrastructure development bonds, and refunding bonds. (1) A municipality shall have the power to:
     (a) issue bonds from time to time in its discretion, to finance the undertaking of any urban renewal project or industrial infrastructure development project under this part and part 42, including, without limiting the generality thereof, the payment of principal and interest upon any advances for surveys and plans for urban renewal projects and industrial infrastructure development projects; and
     (b) issue refunding bonds for the payment or retirement of such bonds previously issued by it.
     (2) Such bonds shall not pledge the general credit of the municipality and shall be made payable, as to both principal and interest, solely from the income, proceeds, revenues, and funds of the municipality derived from or held in connection with its undertaking and carrying out of urban renewal projects or industrial infrastructure development projects under this part and part 42, including the tax increment received and pledged by the municipality pursuant to 7-15-4282 through 7-15-4292, and, if such income, proceeds, revenues, and funds of the municipality are insufficient for such payment, from other revenues of the municipality pledged to such payment. Payment of such bonds, both as to principal and interest, may be further secured by a pledge of any loan, grant, or contribution from the federal government or other source in aid of any urban renewal projects or industrial infrastructure development projects of the municipality under this part and part 42 or by a mortgage on all or part of any such projects.
     (3) Bonds issued under this section shall be authorized by resolution or ordinance of the local governing body.

     History: En. Sec. 10, Ch. 195, L. 1959; amd. Sec. 11-109, Ch. 264, L. 1963; amd. Sec. 21, Ch. 234, L. 1971; amd. Sec. 4, Ch. 287, L. 1974; amd. Sec. 1, Ch. 532, L. 1977; R.C.M. 1947, 11-3910(part); amd. Sec. 11, Ch. 667, L. 1979; amd. Sec. 2, Ch. 615, L. 1987; amd. Sec. 13, Ch. 712, L. 1989.