11-49B-17
Section 11-49B-17 Annual budgets and audits required. Within 30 days of the beginning of the
fiscal year of an authority, the board shall adopt a budget for the fiscal year. The budget
may be amended by a resolution of the board at any time. Within 30 days following the close
of each fiscal year the authority shall cause an audit of its books and records to be made
for the fiscal year by an independent certified public accountant. Within 90 days following
the close of each fiscal year, the authority shall furnish a copy of the report of the audit
to the governing bodies of the authorizing county, the principal municipality, and each participating
municipality. (Acts 1997, No. 97-678, p. 1308, §17; Act 97-896, p. 262, §5.)...
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11-81-15
Section 11-81-15 Levy, collection and disposition of special tax for payment of principal and
interest on bonds and sinking fund payments. In every county and municipality the officers
charged by law with the duty of levying taxes shall annually, without further authority, levy
a tax, insofar as such a tax is or may be permitted by the present or any future provisions
of the Constitution, sufficient to pay: (1) Bond interest falling due in that year of all
bonds issued after March 15, 1933; (2) The principal of all serial bonds issued after March
15, 1933 falling due during the current fiscal year; (3) The sinking fund appropriation for
the current fiscal year, if any, required by any agreement heretofore made or by any proceedings
heretofore taken to establish a sinking fund for the payment of bonds now outstanding, or
required by any agreement which may be made or proceedings taken after February 15, 1933,
to establish a sinking fund for the payment of funding or refunding bonds...
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11-81-18
Section 11-81-18 Pledge of revenues from license, privilege, or excise taxes for payment of
principal and interest on bonds. In any case in which a municipality or county may hereafter
issue any securities, including bonds, warrants, notes and certificates of indebtedness, whether
such securities are general obligations of the municipality or county or are payable solely
from a special source, there may be pledged to the payment of the principal of and the interest
on such securities all or any part of that portion of the proceeds from any license or privilege
tax or excise tax levied by any act of the Legislature which may be apportioned and paid to
such municipality or county; provided, however, that such pledge may be made only for the
benefit of securities issued for a purpose or purposes for which the tax proceeds so apportioned
to any such municipality or county are permitted by any such act to be used. In any case in
which a pledge is made under the provisions of this section,...
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11-32-6
Section 11-32-6 Board of directors. (a) Each authority shall be governed by a board. All powers
of the authority shall be exercised by or under the authority of, and the business and affairs
of the authority shall be managed under the direction of, the board or pursuant to its authorization.
In making appointments to the board, best efforts should be used to reflect the racial, gender,
and economic diversity within the county. (b) The board shall consist of nine directors. One
director shall be elected by the governing body of the authorizing county. Five of the directors
shall be elected by the governing body of the principal municipality. One of the directors
shall be elected by the governing bodies of each of the three participating municipalities
having the largest population according to the last or any subsequent federal decennial census.
If there are not three participating municipalities, the governing body of the authorizing
county and the governing body of the principal...
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11-32-22
Section 11-32-22 Applicability to Birmingham-Jefferson County Transit Authority. (a) The provisions
of this chapter shall apply to the Birmingham-Jefferson County Transit Authority and to any
other authority organized pursuant to Act 993 of the 1971 Regular Session (Acts 1971, p. 1787),
as amended. (b)The certificate of incorporation filed for the Birmingham-Jefferson County
Transit Authority on or about April 3, 1972, as amended, is confirmed as a validly filed and
amended certificate of incorporation for an authority organized under this chapter, except
that any provisions of the certificate of incorporation are repealed or amended to the extent
of a conflict with this chapter. In the event that the certificate of incorporation of the
Birmingham-Jefferson County Transit Authority is amended after May 24, 2013, it shall not
be required that the amendment correct any conflicts with this chapter. As to the Birmingham-Jefferson
County Transit Authority, Jefferson County is the...
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11-81-164
Section 11-81-164 Notice of adoption of authorization proceedings for issuance of bonds; limitation
period for actions to set aside authorization proceedings, restrain issuance of bonds, etc.
(a) After the adoption of authorizing proceedings providing for the issuance of bonds under
this article, the borrower shall cause to be published once a week for two successive weeks
in a newspaper either published or having general circulation within the limits of the county
or municipality, as the case may be, proposing to issue such bonds, a notice in substantially
the following form (the blanks being first properly filled in), with the printed or written
signature of the clerk or other recording officer of the borrower appended thereto: "An
ordinance (or resolution) authorizing the issuance of $_____ principal amount of revenue bonds
of (here insert name of the borrower) under the provisions of Title 11, Chapter 81, Article
5 of the Code of Alabama, as amended, was duly passed by the (here...
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11-94-15
Section 11-94-15 Liability of authorizing subdivisions upon bonds, obligations and agreements
of authority; other actions by authorizing subdivisions to attain objectives of chapter. (a)
Neither of the authorizing subdivisions of an authority shall in any event be liable for the
payment of the principal of, interest and premium, if any, on any bonds of an authority or
for the performance of any pledge, assignment, indenture, obligation or agreement of any kind
whatsoever which may be undertaken by an authority and none of the bonds of an authority or
any of its agreements or obligations shall be construed to constitute an indebtedness of any
authorizing subdivision within the meaning of any constitutional or statutory provision whatsoever.
(b) For the purpose of attaining the objectives of this chapter, either of the authorizing
subdivisions, any other county or municipality of the state, and any other political subdivision,
public corporation, agency or instrumentality of the state or...
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45-37-121.21
Section 45-37-121.21 Certification of payrolls. It shall be unlawful for the fiscal officer
of either a county or any municipality affected by this part to draw, sign, issue, or authorize
the drawing, signing, or issuing of any warrant on the treasurer or other disbursing officer
of either the municipality or the county for the payment of or for the treasurer or other
disbursing officer to pay any salary or compensation to anyone holding any position subject
to this part unless the estimate, payroll, warrant, or account for such salary or compensation
containing the name of the person to be paid shall bear the certification of the director
of personnel, that the person or persons named in the estimate, payroll, warrant, or account
are holding hereunder and are legally entitled to receive the sums stated therein. Any sum
paid contrary to this part or of any rule, regulation, or order thereunder may be recovered,
in an action maintained in the name of the county or municipality by the...
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11-92C-23
Section 11-92C-23 Loans, sales, grants, guarantees, and contractual or lease obligations of
money or property. (a) For the purpose of securing services of or the right to use or the
use by its citizens or customers of one or more projects of an authority, a cooperative district
of which the authority is a member, or any private user, or aiding or cooperating with the
authority, a cooperative district of which the authority is a member, or any private user
in the planning, development, undertaking, acquisition, construction, extension, improvement,
financing, operation, or protection of a project, any county, municipality, or other political
subdivision, public corporation, agency, or instrumentality of this state, upon such terms
and with or without consideration, as it determines, may do all of the following: (1) Lend
or donate money to, guarantee all or any part of the indebtedness or operating expense of,
or perform services for the benefit of, the authority, a cooperative district...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes. (a) Unless
otherwise authorized or directed by the court having jurisdiction thereof, or by the will,
trust agreement or other document which is the source of authority, a trustee, executor, administrator,
guardian or one acting in any other fiduciary capacity, other than as a trustee governed by
the Alabama Uniform Trust Code, with the exercise of reasonable business prudence, in addition
to any other investments now permitted by law, may invest funds in securities or investments
which, at the time of the making or purchase thereof, are included in one or more of the following
classes: (1) Bonds or other interest-bearing obligations of the United States of America,
or payment of which the United States of America has guaranteed as to both principal and interest.
(2) Bonds issued by the Federal Land Bank, under the act of Congress of the United States
of America, designated as "the Federal Farm Loan...
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