Title 49, PUBLIC UTILITIES AND CARRIERS

If a regional authority is increased or decreased pursuant to § 49-17A-11 or 49-17A-12 , it shall forward to the secretary of state a certified copy of each resolution adopted pursuant thereto. Upon receipt thereof, the secretary of state shall issue an amended certificate of inc…

Any subdivision for which an authority has been created may: (1) Lend or donate money to the authority; (2) Provide that all or a portion of the taxes or funds available to the subdivision for railroad purposes, be transferred or paid directly to the authority; (3) Cause water, s…

A regional authority may: (1) Sue and be sued, have a seal, and have perpetual succession; (2) Execute such contracts, other instruments, and take such action as may be necessary to carry out the purposes of this chapter. Every authority may exercise such powers as are necessary …

A regional authority may plan, establish, acquire, develop, construct, purchase, enlarge, improve, maintain, equip, operate, regulate, and protect its railroads, and railroad facilities used or useful in the operation of the railroad. For such purposes an authority may acquire by…

A regional authority may establish or acquire and maintain railroads over any public waters of this state and any submerged lands under such public waters. It may construct and maintain terminal buildings, causeways, roadways, and bridges for approaches to or connecting with any …

An authority may acquire all real or personal property that it deems necessary for carrying out the purposes of this chapter, whether in fee simple absolute or lesser interest, by condemnation and the exercise of the power of eminent domain in accordance with chapter 21-35 . An a…

All land and other property and privileges acquired and used by or on behalf of any authority are hereby declared to be acquired and used for public and governmental purposes and as a matter of public necessity. Source: SL 1978, ch 344 , § 37.

Two or more subdivisions may form a regional railroad authority by execution of an agreement authorized by resolution of the governing body of each subdivision. Source: SL 1978, ch 344 , § 2.

Any property acquired by an authority and any income derived by the authority shall be exempt from taxation. Source: SL 1978, ch 344 , § 38.

An authority may certify annually to the governing bodies the amount of tax to be levied by said governing bodies for railroad purposes. Each subdivision shall levy the amount certified, pursuant to provisions of law authorizing municipalities and other political subdivisions of …

The authority may, in connection with the certification of an annual tax levy pursuant to § 49-17A-21 , designate various zones of benefit or geographical portions of the member subdivisions which, in the judgment of the authority, will be or have been benefited by projects. The …

In subdivisions which are parties to an agreement creating a regional railroad authority, a levy, in addition to all other levies authorized by law, not to exceed two dollars and forty cents per thousand dollars of taxable valuation of property in such subdivisions, may be made f…

The proceeds of taxes for support of a railroad authority shall be deposited in such account or accounts in which other revenues of the authority are deposited and may be expended by the authority as provided in this chapter. Source: SL 1978, ch 344 , § 21.

Prior to the issuance of bonds, the authority may by resolution covenant and agree that the total amount of such taxes authorized or any portion thereof will be certified, levied, and deposited annually as herein provided, until the bonds and interest thereon are fully paid. Sour…

An authority may accept, receive, receipt for, disburse, and expend federal and state moneys and other moneys, public or private, made available by grant or loan or both, to accomplish, in whole or in part, any of the purposes of this chapter. Source: SL 1978, ch 344 , § 23.

An authority may designate the secretary of transportation as its agent to accept, receive, receipt for, and disburse federal and state moneys, and other moneys, public or private, made available by grant or loan or both, to accomplish in whole or in part, any of the purposes of …

An authority may from time to time issue its bonds or notes in such principal amounts as the authority shall deem necessary to carry out any of its corporate purposes and powers, including, but not limited to the funding or refunding of the principal of or interest or redemption …

Every issue of bonds or notes of the authority shall be payable out of revenues or funds of the authority, subject only to agreements with the holders of particular bonds or notes pledging any particular revenues or funds. An authority may issue types of bonds or notes as it may …

Bonds or notes of the authority shall be authorized by resolution of the commissioners and may be issued under the resolution or under a trust indenture or other security agreement, in one or more series, and shall bear such date or dates, mature at such time or times, bear inter…

The agreement authorized in § 49-17A-2 shall state: (1) That the railroad authority is created and incorporated under the provisions of this chapter as a political subdivision of this state, to exercise thereunder a part of the sovereign power of the state; (2) The name of the au…

Any railroad authority may adopt a resolution amending the provisions of the agreement authorized by § 49-17A-2 to specify that the railroad authority may not levy a tax pursuant to the provisions provided in chapter 49-17A . The railroad authority shall file a certified copy of …

For the security of such bonds or notes the authority may execute and make mortgages or deeds of trust of the whole or any part of its property which, together with any assignments or release thereof, shall be filed in the Office of the Secretary of State. Source: SL 1978, ch 344…

Any bond reciting that it has been issued by the authority pursuant to the provisions and for the purposes of this chapter shall be conclusively deemed to have been issued pursuant to such provisions and for such purposes. Source: SL 1978, ch 344 , § 29.

Any bonds or notes may be issued and delivered notwithstanding that any of the commissioners or officers executing them shall have ceased to hold office at the time of actual delivery. Pending preparation of definitive bonds, an authority may issue temporary bonds which shall be …

Bonds issued shall be sold at public or private sale for a price and in a manner determined by the authority. Source: SL 1978, ch 344 , § 31.

Bonds issued by an authority pursuant to the provisions of this chapter, together with interest and income therefrom, shall be exempt from all taxes. Source: SL 1978, ch 344 , § 32.

The commissioners of an authority or any person executing such bonds shall not be liable personally by reason of their issuance. Source: SL 1978, ch 344 , § 33.

The authority may enter into contracts, leases, and other arrangements for such term as the authority may determine with any persons: (1) Granting the privilege of using or improving the railroad or any portion or facility or space for commercial purposes; (2) Conferring the priv…

Except as may be limited by the terms and conditions of any grant, loan or agreement authorized by this chapter, an authority may by contract, lease, or otherwise grant, for such consideration and term as it may determine, to any person the privilege of operating or using any rai…

Except as may be limited by the terms and conditions of any grant, loan, or agreement, made or received by the authority, an authority may, by sale, lease, or otherwise, dispose of any of its property, or portion thereof or interest therein. Source: SL 1978, ch 344 , § 36.

The agreement and a certified copy of the resolution of each subdivision shall be filed with the secretary of state. If the agreement conforms to the requirements of this chapter the secretary of state shall file it and issue a certificate of incorporation, which shall state the …

This chapter may be cited as the "Regional Railroad Authorities Act." Source: SL 1978, ch 344 , § 39.

No resolution authorized by § 49-17A-2 or 49-17A-11 shall be adopted without a public hearing. Notice of such hearing shall be given at least ten days prior thereto in the official newspaper of the subdivision, or if the subdivision has no official newspaper, then in a newspaper …

The representatives of the subdivisions which are members of a regional railroad authority shall elect commissioners of the regional railroad authority. The number to be elected and their representation shall be provided for in the agreement. All commissioners of a regional railr…

The power of each regional authority is vested in the commissioners. Each authority may adopt and amend rules for its own operations subject to the agreement of the subdivisions establishing the authority and subject to the provisions of this chapter. Source: SL 1978, ch 344 , § …

Each regional authority shall elect a chairman and a secretary - treasurer, from among the commissioners. Source: SL 1978, ch 344 , § 8.

A regional authority may appoint or elect an executive director, and such other officers, agents, and employees as it may determine. An authority may delegate its powers and duties to one or more of its officers, agents, or employees. Source: SL 1978, ch 344 , § 9.