| | | 8.__Tax exemption.__All bonds, notes or other evidences of | | indebtedness issued under this chapter, and their transfer and | | the income from bonds, notes or other evidences of | | indebtedness, including any profit made on the sale of bonds, | | notes or other evidences of indebtedness, are at all times | | free from taxation inside the State. |
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| | | 9.__Bonds declared legal investments.__Bonds and notes | | issued by the jail authority under this chapter are securities | | in which:__all public officers and public bodies of the State | | and its political subdivisions; all insurance companies and | | associations and other persons carrying on an insurance | | business; trust companies, banks, bankers, banking | | associations, savings banks and savings associations, | | including savings and loan associations, credit unions, | | building and loan associations, investment companies, | | executors, administrators, trustees and other fiduciaries of | | pension, profit-sharing, retirement funds; other persons | | carrying on a banking business; and all other persons who are | | now, or may be, authorized to invest in bonds or other | | obligations of the State, may properly and legally invest | | funds, including capital in their control or belonging to | | them. The bonds and notes are made securities that may | | properly and legally be deposited with and received by any | | state, municipal or public officer, or any agency or political | | subdivision of the State, for any purpose for which the | | deposit of bonds or other obligations of the State is now or | | may be authorized by law. |
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| | | 10.__Certain bond issues; notice; special meeting; vote.__In | | the event that the directors vote to authorize bonds or notes | | for any of the corporate purposes of the jail authority, | | excluding notes payable within one year or notes in | | anticipation of the revenues to be collected or received in | | any year or notes in anticipation of bonds that have already | | been authorized in accordance with this chapter or notes in | | anticipation of the receipt of approved federal or state | | grants, the authorized amount of which, singly or in the | | aggregate included in any one financing, is 10% or less of the | | operating budget, the directors do not need consent of the | | counties, but shall provide notice to the general public: |
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| | | A.__Of the proposed bond or note issue and the purposes | | for which the debt is being incurred; and |
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| | | B.__Of a special jail authority meeting for the purpose of | | permitting the collection of testimony from the public | | concerning the amount of the debt so authorized. |
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| | | Notice of the proposed bond or note issue, the purposes for | | which the debt is being issued and the call of the special | | meeting must |
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