Title 48, Special Taxing Districts

A. A board composed of the following members shall govern the authority: 1. From each municipality that enters into the authority, one elected official who is appointed by the respective governing body of the municipality. 2. One county supervisor who is appointed by the county b…

A. All costs for the relocation, and reasonable ongoing costs related to the relocation, of utility facilities incurred after July 1, 2003 as a direct result of the construction and operation of a light rail project shall be reimbursed by the light rail project to the utility. Th…

The board shall: 1. Implement the public transportation element of the regional transportation plan funded by the public transportation fund. 2. Determine whether to operate public transportation systems or to let contracts for their operation. 3. Adopt an annual budget and fix t…

A. The board may contract and enter into stipulations of any nature and do all acts necessary and convenient for the full exercise of the powers granted in this chapter, except that the board shall not exercise the power of eminent domain. B. The cities and towns or county may ex…

The board may contract with a public agency or with a person on the terms and conditions the board finds in its best interest to operate a regional bus system.

In this article, unless the context otherwise requires: 1. "Any public transportation purpose" includes any one or more of the following purposes: (a) The payment of public transportation obligations. (b) The cost of acquiring, constructing, reconstructing, equipping, maintaining…

Subject to this article the board may: 1. Issue negotiable bonds in a principal amount that, in the opinion of the board, is necessary to provide sufficient monies for any public transportation purpose that is included in the regional public transportation system plan, to establi…

The bonds authorized by this article shall: 1. Be authorized by resolution of the board. 2. Bear such date or dates and shall mature at such time or times as the resolution or resolutions may provide. 3. If the transportation excise tax has a final termination date, mature at or …

In connection with the issuance of the bonds authorized by this article to secure the payment of the bonds and interest on the bonds, the board by resolution may: 1. Provide that bonds issued under this article may be secured by a first lien on all or any part of the monies paid …

A. A pledge made pursuant to this article is valid and binding from the time when the pledge is made. The monies pledged pursuant to this article and placed in a bond account of the public transportation fund are immediately subject to the lien of the pledge without any future ph…

A. The members of the board or a person executing the bonds is not personally liable for the payment of the bonds. B. The bonds are valid and binding obligations of the authority notwithstanding the fact that before the delivery of the bonds any of the officers whose signatures a…

The board may purchase bonds out of any monies available and cancel these bonds.

A. A member of the board or an employee of the authority shall not have a direct or indirect financial interest in any real property for public transportation needs that is purchased from monies made available by the issuance of bonds. B. A person who violates this section is gui…

A. The public transportation bond proceeds fund is established. After deducting the necessary costs and expenses of the issuance and sale of the bonds, the authority shall promptly transfer the proceeds received from the sale and delivery of the bonds to the fiscal agent for depo…

A. No monies derived from the sale of bonds issued under this article or pledged or assigned to or in trust for the benefit of the holder or holders of the bonds may be required to be paid into the state or county treasury. B. The authority may appoint a treasurer or fiscal agent…

A. This state pledges to and agrees with the holders of the bonds that this state will not limit or alter the rights vested in the board to collect the revenues pledged for repayment of the bonds as may be necessary to produce sufficient revenue to fulfill the terms of any agreem…

The board is regarded as performing a governmental function in carrying out the purposes of this article and is not required to pay taxes or assessments on any of the property acquired or constructed or on the activities of the board in maintaining and caring for the real propert…

A. The board may submit to the attorney general any bonds to be issued under this article after all proceedings for the authorization of the bonds have been taken. On the submission of the proceedings to the attorney general, the attorney general shall investigate and determine t…

A. Bonds issued pursuant to this article: 1. Are obligations of the board issuing the bonds. 2. Are payable only pursuant to the terms of the bonds. 3. Are not obligations that are general, special or otherwise of this state. 4. Are not a legal debt of this state. 5. Are not enfo…

Bonds issued under this article are made securities: 1. In which all of the following may properly and legally invest monies including capital in their control or belonging to them: (a) Public officers and bodies of this state. (b) Municipalities and political subdivisions of thi…