(1) The issuing authority of a public entity may, in the act of issuance, at any time, delegate to any member of the issuing authority, chief executive officer, or chief financial officer of the public entity the authority to sign a contract for the purchase of the securities or to accept a binding bid for the securities. Such delegation shall be effective for one year after adoption of the act of issuance or such shorter period as specified in the act of issuance. In addition to any determinations that may be delegated in accordance with other provisions of state law, the following determinations may be delegated to such member or officer without any requirement that the issuing authority approve such determinations:
(a) The rate of interest on the securities;
(b) The conditions on which and the prices at which the securities may be redeemed before maturity;
(c) The existence and amount of any capitalized interest or reserve funds;
(d) The price at which the securities will be sold;
(e) The principal amount and denominations of the securities;
(f) The amount of principal maturing in any particular year;
(g) The dates on which principal and interest shall be paid;
(h) The securities to be refunded, if any; and
(i) Whether the securities will be secured by an assurance of payment as described in section 11-57-207 (2) and the terms of any agreement with the third party providing the assurance of payment.
(2) All terms of the securities other than the matters described in subsection (1) of this section shall be approved by the issuing authority of the public entity before the securities are delivered.
Source: L. 2000: Entire part added, p. 135, � 1, effective August 2. L. 2004: (1)(h) and (1)(i) added, p. 949, � 2, effective May 21. L. 2008: IP(1) amended, p. 626, � 1, effective August 5.
11-57-206. Fixed and variable rates of interest for securities - agreement with third party for interest determinations. The act of issuance authorizing the issuance of any securities or any trust indenture or other instrument created by such act of issuance may fix a rate or rates of interest, or provide for the determination of the rate or rates from time to time, by a designated agent according to the procedure specified in that act of issuance or other instrument. An issuing authority of a public entity may contract with or select any person to make such determinations.
Source: L. 2000: Entire part added, p. 135, � 1, effective August 2.
11-57-207. Denomination, maturity, interest, and negotiability of securities - rate of interest. (1) Any securities issued may:
(a) Mature at such time or times as determined by the public entity or as provided in section 11-57-205, not to exceed forty years;
(b) Bear interest at a rate or rates payable or compoundable at such intervals as determined by the public entity or as provided in section 11-57-205; and
(c) Be made payable in lawful money of the United States, at the office of the treasurer or other appropriate officer or employee of the public entity or any commercial bank or commercial banks within or without the state as may be authorized by the public entity.
(2) An issuing authority of a public entity may enter into an agreement with a third party for an assurance of payment of any principal, interest, or premiums due in connection with any securities issued by the issuing authority. The obligation of the issuing authority to reimburse that third party for any advances made pursuant to that agreement may be provided in that agreement, recited in those securities, or evidenced by another instrument. Such obligation shall be designated in the act of issuance as passed by such issuing authority that authorized the issuance of such securities or any other instrument. The issuing authority may assign its rights under that agreement.
Source: L. 2000: Entire part added, p. 136, � 1, effective August 2.
11-57-208. Pledged revenues received or credited subject to immediate lien - priority and validity of lien. (1) A public entity may pledge all or any portion of its revenues to the payment of its securities unless the use of any of such revenues is restricted by other laws of the state. In pledging the proceeds of an ad valorem property tax, an issuing authority may limit the rate of taxation or the amount of tax dollars that it is obligated to impose or collect to pay any securities as set forth in the act of issuance enacted by such body.
(2) The creation, perfection, enforcement, and priority of a pledge of revenues to secure or pay securities shall be governed by this section and the act of issuance passed by the issuing authority authorizing such securities. Revenues pledged for the payment of any securities, as received by or otherwise credited to the public entity, shall immediately be subject to the lien of each such pledge without any physical delivery, filing, or further act. The lien of each such pledge and the obligation to perform the contractual provisions made in the act of issuance or other instrument shall have priority over any or all other obligations and liabilities of the public entity, except as may be otherwise provided in this part 2, in the act of issuance, or in any other instrument. However, such pledges and liens shall be subject to any prior pledges and liens. The lien of each such pledge shall be valid, binding, and enforceable as against all persons having claims of any kind in tort, contract, or otherwise against the public entity irrespective of whether such persons have notice of such liens.
Source: L. 2000: Entire part added, p. 136, � 1, effective August 2.
11-57-209. Recourse against public entities officers and agents - acceptance of securities constitutes waiver and release. If a member of the issuing authority, or any officer or agent of the public entity acts in good faith, no civil recourse shall be available against such member, officer, or agent for payment of the principal, interest, or prior redemption premiums. Such recourse shall not be available either directly or indirectly through the issuing authority or the public entity, or otherwise, whether by virtue of any constitution, statute, rule of law, enforcement of penalty, or otherwise. By the acceptance of the securities and as a part of the consideration of their sale or purchase, any person purchasing or selling such public security specifically waives any such recourse.
Source: L. 2000: Entire part added, p. 137, � 1, effective August 2.
11-57-210. Recital in securities conclusive evidence of validity and regularity of issuance. An act of issuance providing for the issuance of public securities or an indenture may provide that the securities shall contain a recital that they are issued pursuant to the supplemental public securities act. Such recital shall be conclusive evidence of the validity and the regularity of the issuance of such public securities after their delivery for value.
Source: L. 2000: Entire part added, p. 137, � 1, effective August 2.