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41-10-751
Section 41-10-751 Definitions. When used in this article, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) ALABAMA TRUST FUND.
The trust fund of the state created under Amendment 450 to the Constitution of Alabama of
1901, and appearing as ยง219.02 of the Official Recompilation of the Constitution of Alabama
1901, as amended. (2) APPROPRIATED FUNDS. The BP settlement revenues deposited in the special
fund to the extent such revenues are appropriated to the authority pursuant to Section 41-10-759.
(3) AUTHORITY. The Alabama Economic Settlement Authority authorized to be established pursuant
to Section 41-10-752. (4) BONDS. Those bonds, including refunding bonds, issued pursuant to
this article. (5) BP SETTLEMENT REVENUES. Revenues received by the state in settlement of
economic damages claims of the state against BP Exploration and Production, Inc. and any of
its corporate affiliates arising out of the Deepwater Horizon oil spill...
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41-10-758
Section 41-10-758 Creation of special fund. For the benefit of the State of Alabama and the
citizens thereof, there is hereby created a special fund named the BP Settlement Fund which
shall be funded with BP settlement revenues and administered in accordance with this article.
All BP settlement revenues received after September 30, 2017, shall be deposited in the special
fund upon receipt and shall be used first to pay principal, interest, and premium, if any,
and any other amounts due on or with respect to the bonds of the authority. Any BP settlement
revenues determined by the directors of the authority to be in excess of the amounts needed
for the payment of all amounts due with respect to the bonds, may be withdrawn from the special
fund and used to pay costs and expenses incident to the issuance of the bonds, including costs
and expenses incurred by the Department of Finance in the administration of the bonds, may
be transferred to and deposited in the Alabama Trust Fund or the...
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11-49B-10
Section 11-49B-10 Contracts to secure bonds and assumed obligations. As security for payment
of the principal of and the interest on bonds issued or obligations assumed by it, the authority
may do the following: (1) Enter into a contract or contracts binding itself for the proper
application of the proceeds of bonds and other funds, for the continued operation and maintenance
of any transit system owned by it, or any part of the system. (2) Impose and collect reasonable
rates for any service furnished by the system. (3) Promulgate rules and regulations respecting
any service furnished by the system. (4) Provide for the disposition and application of its
gross revenues received by the system. (5) Do any act or series of acts not inconsistent with
this chapter for the protection of the bonds and other obligations being secured by the authority.
(6) Assure that the revenues derived from the system, when added to all other moneys of the
authority, will be sufficient to operate and maintain...
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11-50-171
Section 11-50-171 Publication of notice of adoption of resolution authorizing transfer, certain
terms thereof, etc.; limitation period for action to restrain proposed transfer, etc. (a)
After the adoption of proceedings providing for the transfer and conveyance of any water system
or systems, the public corporation and municipality or municipalities proposing to make such
transfer and conveyance shall cause to be published once a week for two successive weeks in
a newspaper having general circulation within the limits of such municipality or municipalities
a notice in substantially the following form (the blanks being first properly filled in) with
the names of the public corporation and the municipality or municipalities appended thereto:
"A resolution has been adopted by the board of directors of the _____ (herein insert
the name of the public corporation proposing to make the transfer) and a resolution (or resolutions)
has (or have) been adopted by the governing body (or bodies) of...
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11-86A-15
Section 11-86A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be a trust company or bank having trust powers, whether the trust company or bank is located
within or outside of the state. In any indenture or resolution providing for the issuance
of bonds, an authority may pledge, for payment of the principal of and the interest on such
bonds, any of its revenues to which its rights exist or may thereafter come into existence,
and may assign, as security for payment, any of its leases, franchises, permits, and contracts.
In any indenture, an authority may mortgage any properties, including any that may be thereafter
acquired by it, and may provide that in the event of a default in payment of the bonds secured
thereby or in the event of default with respect to any agreement contained therein, the mortgage
may be foreclosed either by sale at public outcry or by...
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11-94-12
Section 11-94-12 Bonds of authority - Indenture; lien; remedies of bondholders. In the discretion
of its board, any bonds issued by an authority may be secured by an indenture between an authority
and a trustee, which may be any trust company or bank having trust powers, whether such bank
or trust company is located within or without the state. In any such indenture or resolution
providing for the issuance of bonds an authority may pledge, for payment of the principal
of and the interest on such bonds, any of its revenues to which its right then exists or may
thereafter come into existence and may assign, as security for such payment, any of its leases,
franchises, permits and contracts; and in any such indenture, an authority may mortgage any
of its properties, including any that may be thereafter acquired by it, and may provide that
in the event of a default in payment of the bonds secured thereby or in the event of default
with respect to any agreement contained therein, such...
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11-92A-15
Section 11-92A-15 Security for bonds. (a) In the discretion of the board of directors of an
authority, any bonds may be secured by an indenture between an authority and a trustee, which
may be any trust company or bank having trust powers, whether such trust company or bank is
located within or without the state. In any such indenture or resolution providing for the
issuance of bonds an authority may pledge, for payment of the principal of and the interest
on such bonds, any of its revenues to which its right then exists or may thereafter come into
existence, including, but not limited to, revenues or other money or property pledged to it
by any public or private person, and may assign, as security for such payment, any of its
leases, loan agreements, franchises, permits, and contracts. In any such indenture, an authority
may mortgage any of its properties, including any that may be thereafter acquired by it, and
may provide that in the event of a default in payment of the bonds...
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11-92B-10
Section 11-92B-10 Powers and duties of authority. An authority shall have the following powers
and duties together with all powers and duties incidental thereto or necessary to the discharge
thereof: (1) To sue or be sued and to prosecute and defend in any court of competent jurisdiction.
(2) To adopt and to use a corporate seal and to alter the seal at pleasure. (3) To adopt and
alter bylaws for the regulation and conduct of its affairs and business. (4) With respect
to property within the operational area of the authority, to acquire, receive, and take title
to by purchase, gift, lease, devise, or otherwise, to hold, keep, improve, maintain, and impose
restrictive covenants and land use controls, to engage in environmental remediation and restoration
efforts as required under applicable agreements with the United States Department of Defense,
to equip, furnish, develop, and to transfer, convey, donate, sell, lease, grant options to,
assign, encumber with easements and mortgages and...
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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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15-13-160
Section 15-13-160 Qualifications - Professional bail companies. No professional bail company
shall execute or become surety on any appearance bond in this state, unless it has an order
granting authorization to become professional surety on any bail. The order granting authorization
shall be reissued annually prior to January 1 of each year by the presiding circuit judge
of the county in which the company desires to execute bail or appearance bonds. Prior to the
judge's issuance of the original order and no later than December 1 of each year, thereafter,
professional bail companies shall submit annually to the presiding circuit judge the following:
(1) An original corporate surety bond or escrow agreement, filed and approved by the presiding
circuit judge of the county in which the professional bail company executes or becomes surety
on appearance bonds, in the amount of $25,000, guaranteeing the payment of all sums of money
that may become due by virtue of any judgment absolute that...
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