TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 27

MUNICIPAL INDUSTRIAL DEVELOPMENT PROGRAM

50-2716.  Determination of rent. Before entering into a lease, sale contract or loan agreement with respect to any industrial development facility, the public corporation shall determine that there are sufficient revenues to pay:

(a)  The principal of and the interest on the revenue bonds proposed to be issued to finance the industrial development facility;

(b)  The amount necessary to be paid each year into any reserve funds which the public corporation considers advisable to establish in connection with the retirement of the proposed bonds and the maintenance of the industrial development facility; and

(c)  Unless the terms of the lease, sale contract or loan agreement provide that the lessee or contracting party shall maintain the industrial development facility and carry all proper insurance with respect thereto, the estimated cost of maintaining the industrial facility in good repair and keeping it properly insured.

History:

[50-2716, added 1982, ch. 119, sec. 1, p. 335.]