(1) Upon the approval of the registered electors pursuant to the provisions of section 32-14-105, the district may borrow money in anticipation of the revenues generated from the operation of a stadium and sales tax revenues of the district and may issue special obligation bonds to evidence the amount so borrowed. If the district issues special obligation bonds after such approval by the registered electors but prior to the granting of a major league baseball franchise by major league baseball to be located within the district, the proceeds of such special obligation bonds shall not be used to pay for any expenses incurred by the district until such time as major league baseball grants a major league baseball franchise to be located within the district. Special obligation bonds or other obligations payable in whole or in part from sales tax revenues or net operating revenues of the district or from moneys or assets of the district held in escrow may be issued or incurred without an election, in anticipation of such sales tax revenues or net operating revenues or such moneys or assets held in escrow.
(2) Special obligation bonds issued pursuant to the provisions of this section shall satisfy the terms, conditions, and requirements as set forth in any resolution adopted by the board authorizing the issuance of such special obligation bonds or in any trust indenture entered into between the board and any commercial bank or trust company having full trust powers which are not inconsistent with the provisions of this article. Such terms, conditions, and requirements may include, but are not limited to, the following:
The execution and delivery of such special obligation bonds by the district and thetimes of such execution and delivery;
The form and denominations of such special obligation bonds, including the termsand maturities;
Whether such special obligation bonds are subject to optional or mandatory redemption prior to maturity with or without a premium;
Whether such special obligation bonds are in fully registered form or bearer formregistrable as to principal or interest, or both;
Whether such special obligation bonds may bear conversion privileges and, if so,such conversion privileges;
Whether such special obligation bonds are payable in installments and, if so, thetimes of such installment payments; however, the period of time during which such payments may be made shall not exceed twenty years from the date of issuance;
The place or places, within or without the state, at which such special obligationbonds may be paid;
The interest rate or rates which such special obligation bonds bear per annum andwhich may be fixed or may vary according to index, procedure, formula, or such other method as determined by the district or its agents, without regard to any interest rate limitation specified by the laws of this state;
Whether such special obligation bonds are subject to purchase at the option of theholder or the district;
The manner of evidencing such special obligation bonds;
Whether such special obligations may be executed by the officers of the district,including the use of one or more facsimile signatures so long as at least one manual signature of an officer of the district, or of any agent authenticating the same, appears on the special obligations bonds; and
Whether such special obligation bonds are in the form of coupon bonds which haveattached interest coupons bearing a manual or facsimile signature of an officer of the district.
Source: L. 89: Entire article added, p. 1336, § 1, effective June 2. L. 90: Entire section amended, p. 1522, § 10, effective April 16.