40-61 Municipal Parking Authority Act - North Dakota Statutes

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CHAPTER 40-61MUNICIPAL PARKING AUTHORITY ACT40-61-01. Definitions. In this chapter, unless the context or subject matter otherwiserequires:1."Authority" means any corporation created under the authority of this chapter.2."Board" means the members of the authority.3."Bonds" means the bonds authorized in this chapter.4."City" means any city with a municipal parking authority.5."Project" means any area or place operated or to be operated by an authority for the
parking or storing of motor and other vehicles and includes all real and personal
property, driveways, roads, approaches, structures, terminals of all kinds, garages,
meters, mechanical equipment, and all appurtenances and facilities either on,
above, or under the ground which are used and usable in connection with such
parking or storing of such vehicles in the area of the city.6."Projects" means more than one project.7."Property owner" means either a real estate owner, the beneficial owner of a
leasehold on a building constructed on railroad property, or the owner of a retail or
wholesale personal property inventory subject to an annual tax in excess of one
thousand dollars.8."Real property" means lands, structures, franchises, and interest in lands, and any
and all things usually included within the said term, and includes not only fees simple
absolute but also any and all lesser interests, such as easements, rights of way,
uses, leases, licenses, and all other incorporeal hereditaments and every estate,
interest, or right, legal or equitable, including terms of years.40-61-02. Municipal parking authorities. Any city may create a board to be known asa municipal parking authority. Such board shall be a body corporate, constituting a public benefit
corporation, and its existence shall commence upon the appointment of the members as herein
provided. It shall consist of a chairman and four other members, who shall be appointed by the
governing body of the city. Three members of the board shall be property owners within the
benefited areas and two members of the board shall be guarantors of the bonds of the authority if
any have been issued and guaranteed by property owners. If the authority has not issued bonds
or if property owners have not guaranteed said bonds as hereinafter provided, then two members
may be appointed at large. Of the members first appointed, one shall be appointed for a period
of one year, one for a period of two years, one for a period of three years, one for a period of four
years, and one for a period of five years. At the expiration of such terms, the terms of office of
their successors shall be five years. Each member shall continue to serve until the appointment
and qualification of the member's successor. Vacancies in such board occurring otherwise than
by the expiration of term shall be filled for the unexpired term. The members of the board shall
choose from their number a vice chairman. The governing body of the city may remove any
member of the board for inefficiency, neglect of duty, or misconduct in office, giving that member
a copy of the charges against that member and an opportunity of being heard in person, or by
counsel, in that member's defense upon not less than ten days' notice. The members of the
board shall be entitled to no compensation for their services but shall be entitled to
reimbursement for their actual and necessary expenses incurred in the performance of their
official duties. The powers of the authority shall be vested in and exercised by a majority of the
members of the board then in office. Such board may delegate to one or more of its members or
to its officers, agents, and employees such powers and duties as it may deem proper. Such
board and the corporate existence of the authority shall continue until all its liabilities have beenPage No. 1met and its bonds have been paid in full or such liabilities or bonds have otherwise been
discharged and until the existence of the authority is terminated by official action of the governing
body of the city. Upon its ceasing to exist, all its rights and properties shall pass to the city.40-61-03. Purpose and powers of an authority. The purpose of an authority shall beto construct, operate, and maintain one or more projects in the city and to promote and acquire
municipal parking facilities in accordance with the provisions of this chapter and to promote
municipal development by making space above, below, or adjacent to parking facilities available
for commercial development and use in order to further purposes outlined in this chapter and in
chapter 40-60. To carry out said purpose, an authority shall have power:1.To sue and be sued.2.To acquire, hold, and dispose of personal property for its corporate purposes,
including the power to purchase prospective or tentative awards in connection with
the condemnation of real property.3.To acquire in the name of the city by purchase or condemnation, and use necessary
real property. All real property acquired by the authority by condemnation must be
acquired in the manner provided in the condemnation law or in the manner provided
by chapter 32-15 for the condemnation of land by a city.4.To make bylaws for the management and regulation of its affairs and, subject to
agreements with bondholders, for the regulation of the project.5.To appoint officers, agents, and employees, to prescribe their qualifications, and to
fix their compensation. However, the officers, agents, and employees shall not be
subject to the civil service law.6.To appoint an attorney, who may be the city attorney, and to fix that person's
compensation.7.To make contracts and leases and to execute all instruments necessary or
convenient.8.To construct such buildings, structures, and facilities as may be necessary.9.To reconstruct, improve, maintain, and operate the projects.10.To accept grants, loans, or contributions from the United States, the state of North
Dakota, or any agency or instrumentality of either of them, or the city, or an
individual, by bequest or otherwise, and to expend the proceeds for any purposes of
the authority.11.To fix and collect rentals, fees, and other charges for the use of the projects or any
of them, subject to and in accordance with such agreements with bondholders as
may be made as hereinafter provided.12.To construct, operate, or maintain in the projects all facilities necessary or
convenient in connection therewith. To contract for the construction, operation, or
maintenance of any parts thereof or for services to be performed. To rent parts
thereof, and grant concessions, all on such terms and conditions as it may
determine. However, the authority, the city, or any agency of an authority or city, or
any other person, firm, corporation, or limited liability company may not, within or on
any property comprising a part of any project authorized by this chapter, sell,
dispense, or otherwise handle any product used in or for the servicing of any motor
vehicle using any project or facility authorized by this chapter and the location of
sites of the projects shall be subject to the prior approval of the governing body of
the city.Page No. 213.To encourage commercial development and use of space above, below, or adjacent
to parking facilities by exercising the powers granted municipalities under
subsection 5 of section 40-60-02. However, subdivision c of subsection 5 of section
40-60-02 is not applicable to leases entered into by the authority.40-61-03.1. Financing projects and facilities. An authority may provide funds for itspurposes by using the following methods or any combination thereof:1.Issuing bonds of an authority as authorized by section 40-61-08.2.Issuing notes of an authority as authorized by section 40-61-09.3.In cooperation with cities whereby cities may agree to assist in financing projects
and facilities through the issuance of municipal bonds or other obligations, budgeting
of current funds, the levy of taxes or special assessments, or by any combination of
these means pursuant to or in accordance with the provisions of chapters 21-03,
40-22 to 40-27, 40-35, 40-40, and 40-57 and all other applicable laws now in force or
hereafter enacted.40-61-04. Officers and employees. Municipal parking authorities shall not be subject tocivil service or merit system laws, veterans preference laws, or other laws, ordinances, and
regulations pertaining to the status of municipal employees. Employees of a municipal parking
authority shall have the same position as employees of a private corporation and the board of
directors of a municipal parking authority shall manage their employee relationships in the same
manner as private corporations.40-61-05. Conveyance of property by a city to an authority - Acquisition of propertyby a city or by an authority.1.A city may, by resolution or resolutions of the governing body or by instruments
authorized by such resolutions, convey, with or without consideration, to an authority
real and personal property owned by the city for use by an authority as a project or
projects or a part thereof. In case of real property so conveyed, the title thereto shall
remain in the city but the authority shall have the use and occupancy thereof for so
long as its corporate existence shall continue. In the case of personal property so
conveyed, the title shall pass to the authority.2.A city may acquire in the name of the city by purchase or condemnation real
property in the city for any of the projects.3.Contracts may be entered into between a city and an authority providing for the
property to be conveyed by a city to an authority, the additional property to be
acquired by a city and so conveyed, and the amounts, terms, and conditions of
payment to be made by an authority. Any such contracts between a city and an
authority may be pledged by the authority to secure its bonds and may not be
modified thereafter except as provided by the terms of the pledge. The governing
body of a city may authorize such contracts between a city and an authority and no
other authorization on the part of a city for such contracts shall be necessary.4.An authority may itself acquire real property for a project in the name of the city at
the cost and expense of the authority by purchase or condemnation pursuant to
chapter 32-15 and to the laws relating to the condemnation of land by cities. An
authority shall have the use and occupancy of such real property so long as its
corporate existence shall continue.5.In case an authority shall have the use and occupancy of any real property which it
shall determine is no longer required for a project, then, if such real property was
acquired at the cost and expense of the city, the authority shall have power to
surrender its use and occupancy thereof to the city, or, if such real property wasPage No. 3acquired at the cost and expense of an authority, then the authority shall have power
to sell, lease, or otherwise dispose of said real property at public or private sale, and
shall retain and have the power to use the proceeds of sales, rentals, or other
moneys derived from the disposition thereof for its purposes.40-61-06. Construction contracts. An authority shall let contracts for construction inthe same manner, so far as practicable, as is provided by law for contracts of cities except that if
the estimated expense of a contract does not exceed five hundred dollars, such contract may be
entered into without public letting. Nothing in this section shall be construed to limit the power of
an authority to do any construction directly by the officers, agents, and employees of the
authority.40-61-07. Moneys of the authority. All moneys of an authority shall be paid to the cityauditor as agent of the authority, who shall not commingle such moneys with any other moneys.
Such moneys shall be deposited in a separate bank account or accounts. The moneys in such
accounts shall be paid out by the auditor on requisition of the chairman of the authority or of such
other person or persons as the authority may authorize to make such requisitions after audit by
the auditor. Approval of the payment of an account or claim shall be recorded in the record of the
proceedings of the authority and this shall be sufficient to indicate approval without requiring the
approving members to sign or initial the voucher or order for payment. All deposits of such
moneys shall, if required by the auditor or the authority, be secured by obligations of the United
States or of the state of North Dakota of a market value equal at all times to the amount of the
deposit, and all banks and trust companies are authorized to give such security for such
deposits. The auditor and the auditor's legally authorized representatives are authorized and
empowered from time to time to examine the accounts and books of the authority, including its
receipts, disbursements, contracts, leases, sinking funds, investments, and any other records
and papers relating to its financial standing. An authority shall have power, notwithstanding the
provisions of this section, to contract with the holders of any of its bonds as to the custody,
collection, securing, investment, and payment of any moneys of the authority, or any moneys
held in trust or otherwise for the payment of bonds or in any way to secure bonds, and to carry
out any such contract notwithstanding that such contract may be inconsistent with the previous
provisions of this section. Moneys held in trust or otherwise for the payment of bonds or in any
way to secure bonds and deposits of such moneys may be acquired in the same manner as
moneys of the authority, and all banks and trust companies are authorized to give such security
for such deposits.40-61-08. Bonds of an authority.1.An authority may from time to time issue its negotiable bonds for any purpose
mentionedinsection40-61-03,includingtheacquisition,construction,reconstruction, and repair of personal and real property of all kinds deemed by the
board to be necessary or desirable to carry out such purpose, as well as to pay such
expenses as may be deemed by the board necessary or desirable to the financing
and placing the project or projects in operation. An authority may from time to time
and whenever it deems refunding expedient, refund any bonds by the issuance of
new bonds, whether the bonds to be refunded have or have not matured, and may
issue bonds partly to refund bonds then outstanding and partly for any other purpose
hereinabove described. The refunding bonds may be exchanged for the bonds to be
refunded, with such cash adjustments as may be agreed, or may be sold and the
proceeds applied to the purchase or payment of the bonds to be refunded.Incomputing the total amount of bonds of an authority which may at any time be
outstanding, the amount of the outstanding bonds to be refunded from the proceeds
of the sale of new bonds or by exchange for new bonds shall be excluded. Except
as may otherwise be expressly provided by an authority, the bonds of every issue
shall be payable out of any moneys or revenues of an authority, subject only to any
agreements with the holders of particular bonds pledging any particular moneys or
revenues. Notwithstanding the fact that the bonds may be payable from a special
fund, if they are otherwise of such form and character as to be negotiable
instruments under chapter 41-08, the bonds shall be and are hereby madePage No. 4negotiable instruments within the meaning of and for all the purposes of chapter
41-08, subject only to the provisions of the bonds for registration.2.The bonds shall be authorized by resolution of the board and shall bear such date or
dates, mature at such time or times, not exceeding thirty years from their respective
dates, bear interest at such rate or rates, resulting in an average annual net interest
cost not exceeding twelve percent per annum payable annually or semiannually on
those issues which are sold at private sale, be in such denominations, be in such
form, either coupon or registered, carry such registration privileges, be executed in
such manner, be payable in lawful money of the United States at such place or
places, and be subject to such terms of redemption, as such resolution or
resolutions may provide. The bonds may be sold at public or private sale for such
price or prices as the authority shall determine. There is no interest rate ceiling on
those issues sold at public sale or to the state of North Dakota or any of its agencies
or instrumentalities.3.Any resolution or resolutions authorizing any bonds or any issue of bonds may
contain provisions, which shall be part of the contract with the holders of the bonds
thereby authorized, as to:a.Pledging all or any part of the revenues of a project or projects to secure the
payment of the bonds, subject to such agreements with bondholders as may
then exist.b.The rentals, fees, and other charges to be charged, and the amounts to be
raised in each year thereby, and the use and disposition of the revenues.c.The setting aside of reserves or sinking funds, and the regulation and
disposition thereof.d.Limitations on the right of an authority to restrict and regulate the use of a
project.e.Limitations on the purpose to which the proceeds of sale of any issue of bonds
then or thereafter to be issued may be applied and pledging such proceeds to
secure the payment of the bonds or of any issue of the bonds.f.Limitations on the issuance of additional bonds, the terms upon which
additional bonds may be issued and secured, and the refunding of outstanding
or other bonds.g.The procedure, if any, by which the terms of any contract with bondholders may
be amended or abrogated, the amount of bonds the holders of which must
consent thereto, and the manner in which such consent may be given.h.Limitations on the amount of moneys derived from a project to be expended for
operation, administration, or other expenses of an authority.i.Vesting in a trustee or trustees of such property, rights, powers, and duties in
trust as an authority may determine which may include any or all of the rights,
powers, and duties of the trustee appointed by the bondholders pursuant to
section 40-61-15, and limiting or abrogating the right of the bondholders to
appoint a trustee under said section or limiting the rights, duties, and powers of
such trustee.j.Any other matters, of like or different character, which in any way affect the
security or protection of the bonds.Page No. 54.It is the intention hereof that any pledge of revenues or other moneys made by an
authority shall be valid and binding from the time when the pledge is made, that the
revenues or other moneys so pledged and thereafter received by an authority shall
immediately be subject to the lien of such pledge without any physical delivery
thereof or further act, and that the lien of any such pledge shall be valid and binding
as against all parties having claims of any kind in tort, contract, or otherwise against
an authority irrespective of whether such parties have notice thereof. Neither the
resolution nor any other instrument by which a pledge is created need be recorded.5.Neither the members of an authority nor any person executing the bonds shall be
liable personally on the bonds or be subject to any personal liability or accountability
by reason of the issuance thereof.6.An authority shall have power out of any funds available therefor to purchase bonds.
An authority may hold, cancel, or resell such bonds, subject to and in accordance
with agreements with bondholders.7.In the discretion of an authority, the bonds may be secured by a trust indenture by
and between an authority and a corporate trustee, which may be any trust company
or bank within or without the state of North Dakota.Such trust indenture maycontain such provisions for protecting, and enforcing the rights and remedies of the
bondholders as may be reasonable and proper and not in violation of law, including
covenants setting forth the duties of an authority in relation to the construction,
maintenance, operation, repair, and insurance of the project or projects and the
custody, safeguarding, and application of all moneys, and may provide that the
project or projects shall be constructed and paid for under the supervision and
approval of consulting engineers.Notwithstanding the provisions of section40-61-07, an authority may provide by such trust indenture for the payment of the
proceeds of the bonds and the revenues of the project or projects to the trustee
under such trust indenture or other depository, and for the method of disbursement
thereof, with such safeguards and restrictions as it may determine. All expenses
incurred in carrying out such trust indenture may be treated as a part of the cost of
maintenance, operation, and repairs of the project or projects. If the bonds shall be
secured by a trust indenture, the bondholders shall have no authority to appoint a
separate trustee to represent them, and the trustee under such trust indenture shall
have and possess all of the powers which are conferred by section 40-61-15 upon a
trustee appointed by bondholders.8.An authority shall also have power and is hereby authorized from time to time to
issue revenue bonds in accordance with the provisions of chapter 40-57, but only for
the purpose of financing a parking project in support of those projects referred to in
subdivision c of subsection 2 of section 40-57-02. In the issuance of such bonds,
the authority shall have all of the powers granted to a municipality in chapter 40-57,
and shall be controlled in the exercise of such powers only by the provisions of
chapter 40-57, and not by any of the provisions of this chapter with reference to
other bonds and notes of the authority.40-61-09. Notes of an authority. An authority shall have power from time to time toissue notes and from time to time to issue renewal notes, herein referred to as notes, maturing
not later than five years from their respective original dates for any purpose or purposes for which
bonds may be issued, whenever an authority shall determine the payment thereof can be made
in full from any moneys or revenues which an authority expects to receive from any source.
Such notes may, among other things, be issued to provide funds to pay preliminary costs of
surveys, plans, or other matters relating to any proposed or existing project. An authority may
pledge such moneys or revenues, subject to any other pledge thereof, for the payment of the
notes and may in addition secure the notes in the same manner and with the same effect as
herein provided for bonds and may also secure the notes by the guarantee of two or more
property owners. The notes shall be issued in the same manner as bonds. An authority shall
have power to make contracts for the future sale from time to time of the notes, by which thePage No. 6purchasers shall be committed to purchase the notes from time to time on terms and conditions
stated in such contracts, and an authority shall have power to pay such consideration as it shall
deem proper for such commitments. In case of default on its notes, or violation of any of the
obligations of an authority to the noteholders, the noteholders shall have all the remedies
provided herein for bondholders.40-61-10.Debt guarantee.Prior to the issuance of any bonds authorized by thischapter, except revenue bonds authorized in subsection 8 of section 40-61-08, the authority shall
require that the payment of not less than ten percent of the principal and interest of the bonds
issued for any project be guaranteed through the use of one or more of the following methods:1.A contract of personal guarantee entered into between the authority, the
bondholders, and at least three benefited property owners.2.The guarantee of said payments by the municipality through the issuance of
municipal bonds or other obligations, budgeting of current funds, the levy of taxes or
special assessments or by any combination of these pursuant to and in accordance
with the provisions of chapters 21-03, 40-22 to 40-27, 40-35, 40-40, and 40-57 and
of all other applicable laws now in force or hereinafter enacted.40-61-11. Agreement of a city.1.Cities may pledge to and agree with the holders of the bonds that the city will not
limit or alter the rights hereby vested in the authority to acquire, construct, maintain,
reconstruct, and operate the project or projects, to establish and collect rentals, fees,
and other charges and to fulfill the terms of any agreements made with the holders
of the bonds, or in any way impair the rights and remedies of the bondholders, until
the bonds, together with interest thereon, with interest on any unpaid installments of
interest and all costs and expenses in connection with any action or proceeding by
or on behalf of the bondholders are fully met and discharged.2.Authorities are hereby authorized, in their discretion, for and on behalf of themselves
and the city which authorized them, to covenant and agree with the holders of the
bonds, with such exceptions and limitations as it may deem in the public interest,
that no public parking areas except those acquired and operated by the authority will
be constructed or operated in the city by the city, or by any public benefit or other
corporation the members or some of which are elected or are appointed by city
officials, until either the bonds, together with interest thereon, interest on any unpaid
installments of interest and all costs and expenses in connection with any action or
proceeding by or on behalf of the bondholders are fully met and discharged, or
principal or interest of any of the bonds shall be overdue and unpaid for a period of
three years or more.40-61-12. State and city not liable on bonds - Exceptions as to cities. The bondsand other obligations of an authority shall not be a debt of the state of North Dakota and the state
shall not be liable thereon. The bonds and other obligations of an authority shall not be a debt of
a city and a city shall not be liable thereon unless a city agrees to assist in financing projects and
facilities through the issuance of municipal bonds or other obligations which are considered to be
a part of the debt of the city as provided in section 40-61-03.1.40-61-13. Bonds legal investments for public officers. Except as otherwise providedin the Constitution of North Dakota, the bonds are hereby made securities in which all public
officers and bodies of this state and all municipalities and municipal subdivisions, all banks,
bankers, trust companies, savings banks, savings associations, including savings and loan
associations, investment companies, and other persons carrying on a banking business, and all
other persons whatsoever except as hereinafter provided, who are now or may hereafter 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.However, notwithstanding theprovisions of any other general or special law to the contrary, the bonds are not eligible for thePage No. 7investment of funds, including capital, of trusts, estates, or guardianships under the control of
individual administrators, guardians, executors, trustees, and other individual fiduciaries. The
bonds are authorized securities which may be deposited with and shall be received by all public
officers and bodies of this state and all municipalities and municipal subdivisions for any purpose
for which the deposit of bonds or other obligations of this state is now or may hereafter be
authorized.40-61-14. Tax exemptions.1.It is hereby determined that the creation of an authority and the carrying out of its
corporate purposes is in all respects for the benefit of the people of the city which
has authorized it and its environs, and is a public purpose, and an authority shall be
regarded as performing a governmental function in the exercise of the powers
conferred upon it by this chapter and shall be required to pay no ad valorem taxes
upon any of the property acquired by it or under its jurisdiction or control or
supervision or upon its activities. If property acquired by an authority is leased to
any person and is used exclusively for automobile parking for general public
patronage, the leasehold interest of the lessee shall not be subject to ad valorem
taxation if exempt from such taxation by the governing board of the city in which
such authority is located.2.Any bonds or notes issued pursuant to this chapter, together with the income
therefrom, as well as the property of an authority, shall be exempt from taxation,
except for transfer and estate taxes.40-61-15. Tax contract by the state. The state of North Dakota covenants with thepurchasers and with all subsequent holders and transferees of bonds or notes issued by an
authority pursuant to this chapter, in consideration of the acceptance of and payment for the
bonds or notes, that the bonds and notes of an authority issued pursuant to this chapter and the
income therefrom, and all moneys, funds, and revenues pledged to pay or secure the payment of
such bonds or notes shall at all times be free from taxation, except for estate taxes and taxes on
transfers by or in contemplation of death.40-61-16. Remedies of bondholders.1.In the event that an authority shall default in the payment of principal of or interest on
any issue of the bonds after the same shall become due, whether at maturity or
upon call for redemption, and such default shall continue for a period of thirty days,
or in the event that an authority shall fail or refuse to comply with the provisions of
this chapter, or shall default in any agreement made with the holders of any issue of
the bonds, the holders of twenty-five percent in aggregate principal amount of the
bonds of such issue then outstanding, by instrument or instruments filed in the office
of the recorder of the county in which the authority is located, unless the board of
county commissioners designates a different official, and proved or acknowledged in
the same manner as a deed to be recorded, may appoint a trustee to represent the
holders of such bonds for the purposes herein provided.2.Such trustee may, and upon written request of the holders of twenty-five percent in
principal amount of such bonds then outstanding shall, in the trustee's own name:a.By action or special proceeding enforce all rights of the bondholders, including
the right to require an authority to collect revenues adequate to carry out by any
agreement as to, or pledge of, such revenues, and to require an authority to
carry out any other agreements with the holders of such bonds and to perform
its duties under this chapter.b.Bring suit upon such bonds.Page No. 8c.By action or suit in equity, require an authority to account as if it were the
trustee of an express trust for the holders of such bonds.d.By action or suit in equity, enjoin any acts or things which may be unlawful or in
violation of the rights of the holders of such bonds.e.Declare all such bonds due and payable, and if all defaults shall be made good
then with the consent of the holders of twenty-five percent of the principal
amount of such bonds then outstanding, to annul such declaration and its
consequences.3.The district court shall have jurisdiction of any suit, action, or proceeding by the
trustee on behalf of bondholders. The venue of any such suit, action, or proceeding
shall be laid in the county in which the authority is located.4.Before declaring the principal of all such bonds due and payable, a trustee shall first
give thirty days' notice in writing to an authority.5.Any such trustee, whether or not the issue of bonds represented by such trustee has
been declared due and payable, shall be entitled as of right to the appointment of a
receiver of any part or parts of the project the revenues of which are pledged for the
security of the bonds of such issue, and such receiver may enter and take
possession of such part or parts of the project and, subject to any pledge or
agreement with bondholders, shall take possession of all moneys and other property
derived from or applicable to the acquisition, construction, operation, maintenance,
and reconstruction of such part or parts of the project and proceed with the
acquisition of any necessary real property in connection with the project that an
authority has covenanted to construct and with any construction which an authority is
under obligation to do and to operate, maintain, and reconstruct such part or parts of
the project and collect and receive all revenues thereafter arising therefrom subject
to any pledge thereof or agreement with bondholders relating thereto and perform
the public duties and carry out the agreements and obligations of an authority under
the direction of the court. In any suit, action, or proceeding by the trustee, the fee,
counsel fees, and expenses of the trustee and of the receiver, if any, shall constitute
taxable disbursements and all costs and disbursements allowed by the court shall be
a first charge on any revenues derived from such project.6.Such trustee shall, in addition to the foregoing, have and possess all of the powers
necessary or appropriate for the exercise of any functions specifically set forth herein
or incident to the general representation of bondholders on the enforcement and
protection of their rights.40-61-17.Actions against an authority.In every action against an authority fordamages, for injuries to real or personal property, or for the destruction thereof, or for personal
injuries or death, the complaint shall contain an allegation that at least thirty days have elapsed
since the demand, claim, or claims upon which such action is founded were presented to a
member of the authority, or to its secretary, or to its chief executive officer and that the authority
has neglected or refused to make an adjustment or payment thereof for thirty days after such
presentment.40-61-18. Termination of an authority. Repealed by S.L. 1969, ch. 387,