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11-50A-9
Section 11-50A-9 Issuance of bonds; prerequisites; procedure; provisions; execution;
bond resolution covenants. (a) The authority shall, prior to the adoption by the board of
a resolution authorizing the issuance of any bonds, enter into one or more contracts with
two or more municipalities which are authorized to contract with the authority pursuant to
Section 11-50A-17. Any resolution of the board authorizing the issuance of bonds may
authorize those bonds to be issued in more than one series, and the issuance of each series
of bonds so authorized by that resolution need not be preceded by the entering into by the
authority of additional contracts pursuant to Section 11-50A-17. (b) The board may
by resolution or resolutions authorize the issuance of bonds. Unless otherwise provided therein,
the resolution or resolutions shall take effect immediately and need not be published or posted.
The board may authorize such types of bonds as it may determine, subject only to any agreement
with...
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22-34-9
Section 22-34-9 Certificates or notes in anticipation of bonds. In anticipation of the
issuance of bonds, the authority may borrow such sums as may be needed for any of the aforesaid
purposes and to obligate itself by certificate or promissory note, bearing interest at a rate
or rates to be specified by the authority, and maturing within 18 months from the date of
such certificate or promissory note. Such certificates or promissory notes shall be payable
solely from the proceeds of the bonds of the authority and from the funds from which such
bonds are payable. In the event that authority funds are not available for a loan for a project
when application is made, in order to accelerate the completion of any project, the public
body may, with the approval of the authority, obligate such public body to provide local funds
to pay that portion of the cost of the project which the authority will make available by
loan, and the authority shall refund the amount expended on its behalf by such...
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22-29-11
Section 22-29-11 Temporary financing. In anticipation of the issuance of bonds, the
authority may borrow such sums as may be needed, not exceeding $500,000.00 to be outstanding
at any one time, for any of the purposes enumerated in this chapter and to obligate itself
by certificate or promissory note, bearing interest at a rate or rates to be specified by
the authority, and maturing within 18 months from date. Such certificates or promissory notes
shall be payable solely from the proceeds of the bonds of the authority and from the funds
from which such bonds are payable. In the event that state funds are not available for a state
grant for a project when application is made, in order to accelerate the completion of any
project, the local public body may, with the approval of the authority, obligate such local
public body to provide local funds to pay that portion of the cost of the project which the
state will make available by grant, and the state shall refund the amount expended on...
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11-50A-1
Section 11-50A-1 Definitions. As used in this chapter, the following words shall have
the following meanings unless the context clearly indicates otherwise: (1) AUTHORITY. Alabama
Municipal Electric Authority created pursuant to this chapter and any successor or successors
thereto. (2) BOARD. The board of directors of the authority. (3) BONDS. Any bonds issued by
the authority under the provisions of this chapter, including refunding bonds. (4) BOND ANTICIPATION
NOTES. Short term obligations issued by the authority in anticipation of the issuance of bonds.
(5) COSTS. All costs of acquisition, construction, reconstruction, improvement, equipment,
alteration, repair, or extension of any project; all costs of real and personal property required
for the purposes of any project, including any rights or undivided interest therein; all costs
of easements, franchises, water rights, fees, permits, approvals, licenses, and certificates,
and all costs of securing any permits, approvals, licenses,...
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11-88-91
Section 11-88-91 Execution of short term notes or issuance of bonds by authority prior
to letting of contract or during progress of work on improvement generally. For the purpose
of providing funds to pay the cost of any improvement made under the provisions of this article,
the cost of which, in whole or in part, is proposed to be assessed against the property drained,
served, and benefited by the improvements being provided, the authority may borrow money temporarily,
executing its negotiable note therefor, which note may not run longer than a period of one
year, or issue bonds. Such temporary note or issue of bonds may be made before the contract
is let for the improvements or during the progress of the work, in installments as the work
progresses, and the making of one loan or the issue of one series of bonds shall not exhaust
the power of the authority to provide sufficient funds for the completion of the improvement.
The authority may pledge as security for such loan, whether...
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11-50A-18
Section 11-50A-18 Revenues of authority; rates; assignment to trustee; use of revenues.
(a) For the purpose of earning sufficient revenues to make possible the payment of all ownership
costs of the authority relating to any project, the authority is authorized, empowered and
directed to fix and revise rates and collect fees, tolls, and other charges with respect to
each project which it shall cause to be acquired or constructed. Such rates, fees, tolls,
and other charges to be paid for the output, capacity, use or service of each project and
other resources of the authority shall be so fixed and adjusted from time to time as to provide
funds at least sufficient with other revenues, if any, of the authority and of each of its
projects: (1) To pay the costs of operating, maintaining, leasing, repairing, and disposing
of projects, including reserves for insurance and extraordinary repairs, reserves for renewals
and replacements, reserves for fuel, reserves for working capital, reserves...
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11-50A-33
Section 11-50A-33 Severability. In the event any portion of this chapter should be declared
invalid by any court of competent jurisdiction, such invalidity shall not affect the validity
of any of the remaining portions of this chapter, which shall continue effective; provided,
however, that if Section 11-50A-7 hereof or any portion of Section 11-50A-7
is held invalid or unconstitutional or if the payments in lieu of taxation provision set out
in Section 11-50A-7 is for any reason determined to be unenforceable in a legal proceeding
related to the initial issuance of bonds, bond anticipation notes or notes of the authority,
then the entire chapter shall be invalid and ineffective and shall not be law. (Acts 1981,
No. 81-681, p. 1114, ยง34.)...
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23-2-149
Section 23-2-149 Trust agreements securing bond issues; authorized provisions protecting
holders; pledge of revenues. In the discretion of the authority, any bonds issued under the
provisions of this article may be secured by a trust agreement by and between the authority
and a corporate trustee, which may be any trust company, or bank having the powers of a trust
company, within or without the state. The trust agreement or the resolution providing for
the issuance of such bonds subject to the provisions of Section 23-2-147, may pledge
or assign tolls or other revenues to which the authority's right then exists or which may
thereafter come into existence, and the moneys derived therefrom, and the proceeds of such
bonds; provided, however, that the trust agreement or resolution shall not convey or mortgage
any toll road, bridge or tunnel project or any part thereof. Such trust agreement or resolution
providing for the issuance of bonds may contain such provisions for protecting and...
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45-41A-10.12
Section 45-41A-10.12 Notice of bond resolution. Upon the adoption by the board of the
authority of any resolution providing for the issuance of bonds, such authority, in its discretion,
may cause to be published once a week for two consecutive weeks, in a newspaper published
or having a general circulation in the city, a notice in substantially the following form
(the blanks being properly filled in) at the end of which shall be printed the name and title
of either the chair or secretary of such authority: "The Auburn Downtown Redevelopment
Authority, a public corporation organized and existing under the laws of the State of Alabama
(the 'Authority'), after notice published on the ______ day of ______, 20__ , in ______, a
newspaper of general circulation in the City of Auburn, Alabama, held a public hearing on
the ______ day of ______, 20__ , regarding its proposed issuance of $_____ principal amount
of bonds of the Authority for purposes authorized in the act of the Legislature of...
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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...
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