36-62-8.1. Issuance of revenue bonds, notes, or other obligations to finance qualifying improvements.

Revenue bonds, notes, or other obligations issued by an authority to finance or refinance the cost of any qualifying improvement shall be paid solely from the property, including, but not limited to, contract rights, revenues, or other funds, pledged, conveyed, assigned, hypothecated, or otherwise encumbered to secure or to pay such bonds, notes, or other obligations.#

All revenue bonds, notes, and other obligations shall be authorized by resolution of the authority, adopted by a majority vote of the directors of the authority at a regular or special meeting.#

Revenue bonds, notes, or other obligations issued to finance or refinance the cost of any qualifying improvement shall bear such date or dates; shall mature at such time or times, not more than 40 years from their respective dates; shall bear interest at such rate or rates, which may be fixed or may fluctuate or otherwise change from time to time; shall be subject to redemption on such terms; and shall contain such other terms, provisions, covenants, assignments, and conditions as the resolution authorizing the issuance of such bonds, notes, or other obligations may permit or provide. The terms, provisions, covenants, assignments, and conditions contained in or provided or permitted by any resolution of the authority authorizing the issuance of such revenue bonds, notes, or other obligations shall bind the directors of the authority then in office and their successors.#

The authority shall have the power from time to time and whenever it deems it expedient to refund any revenue bonds, notes, or other obligations issued to finance or refinance the cost of any qualifying improvement by the issuance of new revenue bonds, notes, or other obligations, whether or not the revenue bonds, notes, or other obligations to be refunded have matured, and may issue revenue bonds, notes, or other obligations partly to refund revenue bonds, notes, or other obligations then outstanding and partly for any other purpose permitted under this article. The refunding revenue bonds, notes, or other obligations may be exchanged for the revenue bonds, notes, or other obligations to be refunded, with such cash adjustments as may be agreed upon, or may be sold and the proceeds applied to the purchase or redemption of the revenue bonds, notes, or other obligations to be refunded.#

There shall be no limitation upon the amount of revenue bonds, notes, or other obligations that an authority may issue to finance or refinance the cost of any qualifying improvement. Any limitations with respect to interest rates or any maximum interest rate or rates found in Article 3 of Chapter 82 of this title, the “Revenue Bond Law,” the usury laws of this state, or any other laws of this state shall not apply to revenue bonds, notes, or other obligations of an authority issued to finance or refinance the cost of any qualifying improvement.#

All revenue bonds issued by an authority under this article to finance or refinance the cost of any qualifying improvement shall be issued and validated under and in accordance with Article 3 of Chapter 82 of this title, the “Revenue Bond Law,” except as provided in this article, provided that notes and other obligations of an authority may, but shall not be required to, be so validated.#

The terms “cost of the qualifying improvement” and “cost of any qualifying improvement” shall have the meaning prescribed in this article whenever those terms are referred to in bond resolutions of an authority; in bonds, notes, or other obligations of an authority; or in notices or proceedings to validate such bonds, notes, or other obligations of an authority.#