Title 10, Chapter 9, Section 40
( 10-9-40)
The authority shall have the power and is authorized at one time or
from time to time to provide by one or more authorizing resolutions
for the issuance of revenue bonds, but the authority shall not have
the power to incur indebtedness under this article in excess of the
cumulative principal sum of $200 million but excluding from such
limit bonds issued for the purpose of refunding bonds which have
been previously issued. The authority shall have the power to issue
such revenue bonds and to use the proceeds thereof for the purpose
of paying all or part of the costs of the project to the extent but
only to the extent the costs are incurred for the following
facilities: multipurpose stadiums or coliseums and related athletic
fields, courts, or surfaces, and clubhouses and gymnasiums;
facilities for the purveying of goods and services within such
stadiums or coliseums; parking facilities and parking areas in
connection therewith; facilities deemed necessary or convenient
within the structure of such stadiums or coliseums; and related
lands, buildings, structures, fixtures, equipment, and personalty
appurtenant or convenient to such facilities and the extension,
addition, or improvement of such facilities, which facilities are to
be operated as part of the project, as such facilities shall be
designated in the resolution of the board of governors of the
authority authorizing the issuance of such bonds. |