49-17A-3. Contents of agreement creating authority.

The agreement authorized in § 49-17A-2 shall state:

(1)    That the railroad authority is created and incorporated under the provisions of this chapter as a political subdivision of this state, to exercise thereunder a part of the sovereign power of the state;

(2)    The name of the authority which shall include the words "regional railroad authority";

(3)    The names of the subdivisions which have approved the agreement and are the initial members of the regional railroad authority;

(4)    The names and addresses of the persons initially appointed by the resolutions approving the agreement to act as the representatives or alternate representatives of the subdivisions;

(5)    The address of the registered office of the authority and the name of its registered agent at such office;

(6)    That the subdivisions which are members of the regional railroad authority and its commissioners, officers, and agents are not liable for its obligations;

(7)    Any other provision for regulating the business of the regional railroad authority which may be agreed upon by the subdivisions.

Source: SL 1978, ch 344, § 3.

49-17A-3.1. Authority may not change resolution eschewing taxing power.

Any railroad authority may adopt a resolution amending the provisions of the agreement authorized by § 49-17A-2 to specify that the railroad authority may not levy a tax pursuant to the provisions provided in chapter 49-17A. The railroad authority shall file a certified copy of the resolution with the secretary of state and the secretary of state shall issue an amended certificate of incorporation. The railroad authority may not adopt a resolution to amend or repeal this resolution prohibiting the railroad authority from levying a tax pursuant to the provisions provided in chapter 49-17A.

Source: SL 1997, ch 264, § 1.