|
41-10-516
Section 41-10-516 Special funds. For the purpose of providing funds for the payment of the
principal of and interest on the bonds issued by the authority under the provisions of this
article, there is hereby created and irrevocably pledged to the payment of such obligations
a special and continuing trust fund which shall consist of all receipts and income from rents
contracted for and received by the authority under leases of the facility or facilities constructed
with the proceeds from the sale of the bonds. There shall be created within said special and
continuing trust fund a reserve fund account of said authority in the State Treasury in which
shall be placed as trust fund and held separate and apart from all other moneys of the state
or of the authority, (1) any moneys left after the completion of the facility and the payment
of all costs in connection therewith and in connection with the issuance of the bonds, and,
(2) all excess rentals and other surplus income from the facility...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-516.htm - 2K - Match Info - Similar pages
23-7-21
Section 23-7-21 Securing of bonds - Pledge. (a) Any pledge made by the bank to secure its obligations
with respect to bonds or other financial assistance is valid and binding from the time the
pledge is made. The revenue, money, or property pledged and received by the bank is immediately
subject to the lien of the pledge without any physical delivery or further act. The lien of
any pledge is valid and binding as against all parties having claims of any kind in tort,
contract, or otherwise against the bank, irrespective of whether the parties have notice of
the pledge. (b) No recording or filing of the resolution authorizing the issuance of bonds
or other financial assistance, the trust indenture or other financing agreement securing the
bonds or other financial assistance, or any other instrument including filings under the Uniform
Commercial Code is necessary to create or perfect any pledge or security interest granted
by the bank to secure any bonds or other financial assistance....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-21.htm - 1K - Match Info - Similar pages
11-50-529
Section 11-50-529 Bonds - Rights and remedies of bondholders. In addition to all other remedies
available under this chapter or by law, any holder of any bonds issued by the corporation,
including the trustee under any mortgage or deed of trust executed as security therefor, shall
have the right, subject to any contractual limitations and to the prior or superior rights
of others: (1) By mandamus or other suit, action or proceeding to enforce his rights against
the corporation and the board and its officers, including the right to require the fixing
and collection of uniform schedules of rates and charges adequate to carry out any agreement
made by the corporation as to, or pledge of, the revenues of the corporation, and to require
the corporation and the board and its officers to carry out any other agreements with the
holders of such bonds and the trustee; (2) By civil action to enjoin any acts or things which
may be unlawful or in violation of the rights of the holders of the bonds...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-529.htm - 2K - Match Info - Similar pages
11-88-12
Section 11-88-12 Establishment and revision of rates, fees, and charges for services rendered
by authority; applicability of provisions of section to authority organized to construct and
operate sewer system. (a) Rates, fees, and charges for water service, sewer service, and fire
protection service rendered by the authority from any of its water systems, sewer systems,
or fire protection facilities shall be so fixed and from time to time revised as at all times
to provide funds at least sufficient to: (1) Pay the cost of operating, maintaining, repairing,
replacing, extending and improving the systems and facilities, or either, from which such
services are rendered; (2) Pay the principal of and the interest on all bonds issued and obligations
assumed by the authority that are payable out of the revenues derived from operation of those
systems and facilities as the said principal and interest become due and payable; (3) Create
and maintain such reserves for the foregoing purposes or any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-88-12.htm - 2K - Match Info - Similar pages
14-2-21
Section 14-2-21 Bonds - Security. The principal of, premium, if any, and interest on the bonds
of the authority shall be secured by any or all of the following, as the authority may determine:
(1) The rent and revenue for the use of one or more facilities of the authority; (2) The net
rent or sale proceeds from the Kilby property; (3) Any bond proceeds remaining unexpended
upon completion of all facilities to be constructed with such bond proceeds and the payment
of the cost thereof; (4) Any insurance proceeds which the authority may receive by reason
of its ownership of any of the facilities; and (5) Any mortgage upon or security interest
in one or more facilities of the authority, granted in connection with the issuance of such
bonds. The authority shall have authority to transfer and assign any lease of any of the facilities
and any lease or mortgage of the Kilby property as security for the payment of such principal,
premium, if any, and interest. The bonds may be issued under, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/14-2-21.htm - 2K - Match Info - Similar pages
23-2-150
Section 23-2-150 Authority to collect tolls, revenues, etc.; to lease to utilities; toll rates
adjusted to conform to trust agreement. The authority is hereby authorized to fix, revise,
charge, and collect tolls for the use of each toll road, bridge or tunnel project and the
different parts or sections thereof, and to contract with, or to lease to or from, any person,
partnership, association or corporation desiring the use of any part thereof, including the
right-of-way adjoining the paved portion of approaches and access highways, streets or roads
for placing thereon telephone, telegraph, electric light or power lines or pipe lines for
gas and water or for petroleum products or for any other purpose except for tracks for railroad
or railway use and to fix the terms, conditions, rents, and rates of charges for such use.
Tolls shall be so fixed and adjusted as to carry out and perform the terms and provisions
of any contract with or for the benefit of bondholders. Tolls shall not be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-150.htm - 1K - Match Info - Similar pages
11-54-130
Section 11-54-130 Investment committee. (a) There shall be, with respect to an endowment trust
fund, one investment committee consisting of the following: (1) Not less than two members
of the directors, each of whom shall serve ex officio during his or her term of office as
a member of the directors, and each of whom shall be elected by the directors. (2) Not more
than five additional persons, each of whom shall serve as a member of such investment committee
for such term of office as shall be prescribed in the authorizing resolution, and shall be
elected by the directors, either (i) from nominations made by any trade organization under
contract to the board with respect to such fund, or (ii) if no such contract exists, from
the membership of one or more trade organizations, or (iii) if no such trade organization
exists, as the board deems advisable. (b) The investment committee shall elect, from among
its members, such officers as it shall deem necessary or desirable, and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54-130.htm - 3K - Match Info - Similar pages
11-92C-12
Section 11-92C-12 Notice of bond resolution. (a) Upon the adoption by the board of an authority
of any resolution providing for the issuance of bonds, the authority may publish once a week
for two consecutive weeks, in a newspaper published and having general circulation in the
geographical area of the authorizing subdivision, a notice in substantially the following
form, the blanks properly filled in, at the end of which shall be printed the name and title
of either the chair or secretary of the authority. "The _____ Local Redevelopment Authority,
a public corporation under the laws of the State of Alabama, on the _____ day of _____ authorized
the issuance of $_____ principal amount of bonds of the public corporation for purposes authorized
by the state law under which the public corporation was organized. Any action or proceeding
questioning the validity of the bonds, or the pledge and the mortgage and deed of trust or
trust indenture to secure the same, or the proceedings...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92C-12.htm - 2K - Match Info - Similar pages
22-21-370
Section 22-21-370 Posting of securities or surety bond; custody of securities; exemption from
taxation; release of securities or bond; modification orders; hearing; effect of failure to
comply. (a) To assure the faithful performance of its obligations in the event of insolvency
each dental service corporation authorized under Section 22-21-364 shall, through the commissioner,
deposit and maintain with the Treasurer of the State Securities of the type eligible for deposit
by insurers under Section 27-6-3, which securities shall have at all times a market value
as follows: (1) A corporation which has operated no dental service plan in this state prior
to January 1, 1983, shall, prior to the issuance of its certificate of authority and before
receiving any subscription payments, place in trust with the Treasurer of the State, through
the commissioner an initial amount of $50,000.00; (2) A corporation operating a dental service
plan business in this state prior to January 1, 1983, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-370.htm - 4K - Match Info - Similar pages
23-2-153
Section 23-2-153 Exemptions from levy, charge, assessment, collection, etc., of certain taxes;
certificate of exemption. (a) The exercise of the powers granted by this article shall be
in all respects for the benefit of the people of the state, for the increase of their commerce
and prosperity, and for the improvement of their health and living conditions. Since the ownership,
operation, and maintenance of toll road, bridge, or tunnel projects by the authority will
constitute the performance of essential functions, the authority, department, and any concessionaire,
or any contractor, subcontractor, or agent thereof, shall not be required to pay the taxes
or assessments as specifically authorized in this section upon any toll road, bridge, or tunnel
project or any property acquired or used by the authority, department, or any concessionaire
under this article. (b) An income, excise, or license tax or assessment may not be levied
upon or collected in the state with respect to any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-153.htm - 5K - Match Info - Similar pages
|