(1) Upon the approval of the registered electors pursuant to the provisions of section 32-15-107, the district may borrow money in anticipation of the revenues generated from the operation of a stadium and sales tax revenues and from admissions tax revenues, if any, of the district and may issue special obligation bonds in the maximum principal amount of two hundred sixty-six million dollars to evidence the amount so borrowed.
(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 that 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 extend beyond January 1, 2012;
The place or places, within or without the state, at which such special obligationbonds may be paid;
The terms and timing of payment of interest and the interest rate or rates which suchspecial obligation bonds bear per annum and that 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 that haveattached interest coupons bearing a manual or facsimile signature of an officer of the district.
Source: L. 96: Entire article added, p. 1070, § 1, effective May 23. L. 98: (1) amended, p. 509, § 9, effective April 22.