7-15-4301. Authorization to issue urban renewal bonds, industrial infrastructure development bonds, aerospace transportation and technology infrastructure development bonds, and refunding bonds.

     7-15-4301. Authorization to issue urban renewal bonds, industrial infrastructure development bonds, aerospace transportation and technology infrastructure development bonds, and refunding bonds. (1) A municipality may:
     (a) issue bonds from time to time in its discretion, to finance the undertaking of any urban renewal project, industrial infrastructure development project, or aerospace transportation and technology infrastructure development project under this part and part 42, including, without limiting the generality of projects, the payment of principal and interest upon any advances for surveys and plans for urban renewal projects, industrial infrastructure development projects, and aerospace transportation and technology infrastructure development projects; and
     (b) issue refunding bonds for the payment or retirement of bonds previously issued by it.
     (2) The bonds may not pledge the general credit of the municipality and must 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, industrial infrastructure development projects, or aerospace transportation and technology infrastructure development projects under part 42 and this part, including the tax increment received and pledged by the municipality pursuant to 7-15-4282 through 7-15-4292, and, if the income, proceeds, revenues, and funds of the municipality are insufficient for the payment, from other revenues of the municipality pledged to the payment. Payment of the 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, industrial infrastructure development projects, or aerospace transportation and technology infrastructure development projects of the municipality under this part and part 42 or by a mortgage on all or part of any projects.
     (3) Bonds issued under this section must 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; amd. Sec. 3, Ch. 269, L. 1999.