Code of Alabama

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24-1-61
Section 24-1-61 Definitions. The following terms, wherever used or referred to in this
article shall have the following respective meaning, unless a different meaning clearly appears
from the context: (1) AUTHORITY or HOUSING AUTHORITY. A public body organized as a body corporate
and politic in accordance with the provisions of this article for the purposes, with the powers
and subject to the restrictions set forth in this article. (2) COUNTY. All of the county except
that portion which lies within the territorial boundaries of any city or incorporated town.
(3) COUNTY COMMISSION. The governing body of any county. (4) HOUSING COMMISSIONER. One of
the members of an authority appointed in accordance with the provisions of this article. (5)
GOVERNMENT. Such term shall include the state and federal governments and any subdivision,
agency, or instrumentality, corporate or otherwise, of either of them. (6) STATE. The State
of Alabama. (7) FEDERAL GOVERNMENT. Such term shall include the...
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24-1-22
Section 24-1-22 Definitions. The following terms, wherever used or referred to in this
article, shall have the following respective meanings, unless a different meaning clearly
appears from the context: (1) AUTHORITY or HOUSING AUTHORITY. A public body organized as a
body corporate and politic in accordance with the provisions of this article for the purposes,
with the powers and subject to the restrictions set forth. (2) CITY. Any city or incorporated
town in the State of Alabama. (3) COUNCIL. The legislative body, council, board of commissioners
or other body charged with governing the city. (4) CITY CLERK and MAYOR. The clerk, and the
mayor or president of the board of commissioners, respectively, of the city or the officers
thereof charged with the duties customarily imposed on the clerk and mayor respectively. (5)
COMMISSIONER. One of the members of an authority appointed in accordance with the provisions
of this article. (6) GOVERNMENT. Such term shall include the state and...
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11-97-8
Section 11-97-8 Powers of corporation; location of facilities of corporation. (a) Every
corporation shall have all of the powers necessary and convenient to carry out and effectuate
the purposes and provisions of this chapter, including (without limiting the generality of
the foregoing) the following powers: (1) To have succession in its corporate name for the
duration of time (which may be in perpetuity, subject to the provisions of Section
11-97-22 hereof) specified in its certificate of incorporation; (2) To sue and be sued in
its own name in civil suits and actions and to defend suits against it; (3) To adopt and make
use of a corporate seal and to alter the same at pleasure; (4) To adopt, alter, and repeal
bylaws, regulations, and rules, not inconsistent with the provisions of this chapter, for
the regulation and conduct of its affairs and business; (5) To acquire, whether by gift, purchase,
transfer, foreclosure, lease, or otherwise, to construct and to expand, improve, operate,...

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11-50A-22
Section 11-50A-22 Issuance of bond anticipation notes and notes. The authority shall
have the power and is authorized to issue, from time to time, bond anticipation notes in anticipation
of the issuance of bonds and to renew from time to time any bond anticipation notes by the
issuance of new bond anticipation notes, whether the bond anticipation notes to be renewed
have or have not matured. The authority may issue bond anticipation notes only to provide
funds which would otherwise be provided by the issuance of the bonds in anticipation of which
the bond anticipation notes are to be issued. The bond anticipation notes may be authorized,
sold, executed, and delivered in the same manner as bonds. Any resolution or resolutions authorizing
bond anticipation notes or any issue thereof may contain any provisions which the authority
is authorized to include in any bonds. All bond anticipation notes shall be special obligations
of the authority payable out of any revenues pledged to the...
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11-50A-26
Section 11-50A-26 Provisions of resolution, agreement, chapter, etc., as irrevocable
contract with holders of bonds, notes, etc. The provisions of any bond resolution, trust agreement
or indenture authorized in this chapter shall be a contract with every holder of the bonds,
bond anticipation notes or notes; and the duties of the authority under this chapter and under
any bond resolution, indenture, or trust agreement shall be enforceable by any bondholder
or noteholder by mandamus or other appropriate action. While any of the bonds, bond anticipation
notes or notes issued by the authority shall remain outstanding, the powers, duties, or existence
of the authority or of its officers, employees, or agents shall not be diminished, impaired,
or affected in any manner which will affect adversely the interest and rights of the holders
of those bonds, bond anticipation notes or notes. Any change in name or composition of the
authority shall in no way affect the vested rights of any person...
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41-10-44.6
Section 41-10-44.6 Project obligations generally. (a) Issuance of project obligations.
The authority is authorized and empowered to issue its project obligations from time to time
for the purpose of financing one or more projects in such aggregate principal amount as the
board of directors shall determine to be necessary to provide for all or a portion of the
project costs of the project or projects being financed and to pay the expenses of issuing
the project obligations. (b) Source of payment. All project obligations issued by the authority
shall be limited obligations of the authority payable solely from any combination of the following:
(1) The revenues and receipts of the authority derived from the financing agreement or agreements
entered into by the authority with respect to the project or projects financed by such project
obligations; (2) the income or proceeds realized by the authority under any mortgage or other
security granted to the authority; (3) amounts derived from any...
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11-8A-1
Section 11-8A-1 Definitions. As used in this chapter, the following words shall have
the following meanings: (1) BOND FINANCING AGREEMENT. An agreement or other document relating
to the sale or issuance of bonds including, but not limited to, a bond purchase agreement,
a loan agreement, a refinancing agreement, or documents providing for bonds sold or issued
on a competitive sale basis. (2) BONDS. Bonds, bond anticipation notes, warrants, warrant
anticipation notes, or indebtedness issued or entered into on behalf of the county or by the
county commission for a term of at least three years or more. (3) BUSINESS DAY. A day, other
than a Saturday or a Sunday, on which commercial banking institutions are open for business
in the State of Alabama and a day on which the payment system of the Federal Reserve System
is operational. (4) CAPITAL EXPENDITURE. Any cost or expense of a type that is properly chargeable
to a capital account under general federal income tax principles. (5) GENERAL...
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11-50A-31
Section 11-50A-31 Effectiveness of pledges and security interests. Any pledge or security
interest created or granted by the authority shall be valid and binding from the time when
the same is made; moneys or property which are the subject of such pledge or security interest
and then held or thereafter received by the authority shall immediately be subject to such
pledge or security interest without any physical delivery thereof or further act; and such
pledge or security interest shall be valid and binding as against all parties having claims
of any kind in tort, contract or otherwise against the authority, irrespective of whether
or not such parties have notice thereof. Neither the bond resolution, trust agreement or indenture
nor any other instrument relating to bonds, bond anticipation notes or notes or otherwise
creating or granting any such pledge or security interest need be filed or recorded in any
office other than with the records of the authority. (Acts 1981, No. 81-681, p....
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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...
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11-50A-20
Section 11-50A-20 Trust agreement. In the discretion of the authority, any issue of
bonds may be secured by a trust agreement or indenture made by the authority with a corporate
trustee, which may be any trust company or bank within or without the state having the powers
of a trust company. The trust agreement or indenture may pledge or assign any revenues to
be received by the authority and any proceeds which may be derived from the disposition of
any real or personal property of the authority or proceeds of insurance carried thereon. The
resolution providing for the issuance of bonds and the trust agreement or indenture may contain
any provisions the authority deems necessary or appropriate for protecting and enforcing the
rights and remedies of the bondholders, including the right of appointment of a receiver upon
default in the payment of any principal or interest obligation and the right of any receiver
or trustee to enforce collection of any rates, fees, tolls, charges, or...
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