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16-16A-2
Section 16-16A-2 Definitions. As used in this chapter, the following words and phrases shall
have the following meanings: (1) AUTHORITY. The Public School and College Authority. (2) BASELINE
DATE. January 1, 2006. (3) 2005 BRAC. a. Closure actions according to the 2005 Base Closure
and Realignment Commission Report of the U.S. Department of Defense as they relate to Redstone
Arsenal. b. Subsequent BRAC Actions are closure actions according to any Base Closure and
Realignment Commission Report of the U.S. Department of Defense subsequent to the 2005 Base
Closure and Realignment Commission Report of the U.S. Department of Defense or administrative
actions by a United States government agency, department, or organization which positively
impact the number of Redstone Arsenal jobs. (4) BRAC DISTRIBUTIONS. Bond proceeds to be distributed
to the local school districts for purposes of and as allocated by this chapter. (5) BRAC IMPACTED
AREA. The geographic area within Madison County and the...
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4-3-47
Section 4-3-47 Powers of authority generally. The authority shall have the following powers,
together with all powers incidental thereto or necessary to the discharge thereof in corporate
form: (1) To have succession by its corporate name for the duration of time (which may be
in perpetuity) specified in its certificate of incorporation; (2) To sue and be sued in its
own name in civil actions, excepting actions in tort against the authority; (3) To adopt and
make use of a corporate seal and to alter the same at pleasure; (4) To adopt and alter bylaws
for the regulation and conduct of its affairs and business; (5) To acquire, receive, take
and hold, whether by purchase, option to purchase, gift, lease, devise or otherwise, property
of every description, whether real, personal or mixed, whether in one or more counties and
whether within or without the corporate limits of any authorizing subdivision, and to manage
said property and to develop any property and to sell, exchange, lease or...
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45-8-90
Section 45-8-90 Economic Development Council - Creation; composition; powers and duties. (a)(1)
For the purposes of promoting industry and trade and economic development and to assist Calhoun
County and the municipalities located therein in their pursuits therefor and to provide for
the exercise by the county and the municipalities of certain powers and authority proposed
to be granted to them by an amendment to the Constitution of Alabama, the act proposing such
amendment being adopted at the same session of the Legislature at which the act adding this
section was adopted, there is hereby created an economic development council for Calhoun County,
which council shall constitute a public corporation under the name Calhoun County Economic
Development Council. (2) This section shall be liberally construed in conformity with the
purposes. (b)(1) The powers and authorities of the Calhoun County Economic Development Council
shall be vested in and performed by a board of directors. (2) The...
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11-97-18
Section 11-97-18 Exemption from taxation. (a) Every corporation shall exercise its powers in
all respects for the benefit of the people of the state, for their well being, and for the
improvement of their health, welfare, and social condition, and the exemptions from taxation
hereinafter described are hereby granted in order to promote the more effective and economical
exercise of such powers. (b) No income, sales, use, or other excise or license tax shall be
levied upon or collected in the state with respect to any corporate activities of a corporation
or any of its revenues, income, or profit. No ad valorem tax or assessment for any public
improvement shall be levied upon or collected in the state with respect to any property during
any time that title to such property is held by a corporation, including, without limiting
the generality of the foregoing, any time that such property is leased to a provider by a
corporation pursuant to a lease which provides that title to such property...
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40-29-22
Section 40-29-22 Lien for taxes - Validity and priority against certain persons. (a) Purchasers,
holders of security interests, mechanic's lienors, and judgment lien creditors. The lien imposed
by Section 40-29-20 shall not be valid as against any purchaser, holder of a security interest,
mechanic's lienor, or judgment lien creditor until notice thereof which meets the requirements
of subsection (f) has been filed by the Commissioner of Revenue or his delegate, and shall
not be perfected as against any purchaser, holder of a security interest, mechanic's lienor,
or judgment lien creditor until the date such notice is filed. (b) Protection for certain
interest even though notice filed. Even though notice of a lien imposed by Section 40-29-20
has been filed, such lien shall not be valid: (1) SECURITIES. With respect to a security (as
defined in subsection (g)(4)): a. As against a purchaser of such security who at the time
of purchase did not have actual notice or knowledge of the...
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23-7-20
Section 23-7-20 Securing of bonds - Trust indenture. (a) Bonds may be secured by a trust indenture
between the bank and a corporate trustee, which may be the State Treasurer or any bank having
trust powers or any trust company doing business in this state. A trust indenture may contain
provisions for protecting and enforcing the rights and remedies of the bondholders which are
reasonable and proper, including covenants setting forth the duties of the bank in relation
to the exercise of its powers and the custody, safekeeping, and application of its money.
The bank may provide by the trust indenture for the payment of the proceeds of the bonds and
all or any part of the revenues of the bank to the trustee under the trust indenture or to
some other depository, and for the method of its disbursement with safeguards and restrictions
prescribed by it. All expenses incurred in performing the obligations of the bank under the
trust indenture may be treated as part of its operating expenses....
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16-18A-7
Section 16-18A-7 Revenue bonds - Creation of statutory mortgage lien; recording. Any resolution
of the authority or trust indenture under which bonds may be issued pursuant to the provisions
of this chapter may contain provisions creating a statutory mortgage lien in favor of the
holders of such bonds and of the interest coupons applicable thereto on the property and facilities,
or any part thereof (including any after-acquired property) out of the revenues from which
such bonds are made payable. The said resolution of the authority of the said trust indenture
may provide for the filing of record in the office of the judge of probate of each county
in which any property and facilities, or any part thereof, may be located of a notice containing
a brief description of such bonds and a declaration that said statutory mortgage lien has
been created for the benefit of the holders of such bonds and the interest coupons applicable
thereto upon such property and facilities, or any thereof,...
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11-50-346
Section 11-50-346 Execution of trust agreement as security for payment of revenue bonds authorized;
provisions in trust agreements or resolutions for issuance of bonds generally. In the discretion
of the board, any revenue bonds issued under the provisions of this article may be secured
by a trust agreement by and between the board and a corporate trustee, which may be any trust
company or bank having the powers of a trust company within or without the state. Such trust
agreement or resolution providing for the issuance of such bonds may pledge or assign the
revenues to be received, but shall not convey or mortgage any water system or sewer system
or any part thereof. Such trust agreement or resolution providing for the issuance of such
bonds may contain such provisions for protecting and enforcing the rights and remedies of
the bondholders as may be reasonable and proper and not in violation of law, including covenants
setting forth the duties of the board in relation to the...
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11-54-147
Section 11-54-147 Use of proceeds from sale of bonds; cost of acquiring project. The proceeds
from the sale of any bonds issued under authority of this article shall be applied only for
the purpose for which the bonds were issued; provided, however, that any accrued interest
and premium received in any such sale shall be applied to the payment of the principal of
or the interest on the bonds sold; and provided, further, that if for any reason any portion
of such proceeds shall not be needed for the purpose for which the bonds were issued, then
such unneeded portion of said proceeds shall be applied to the payment of the principal of
or the interest on said bonds. The cost of acquiring any project shall be deemed to include
the following: The actual cost of the construction of any part of a project which may be constructed,
including architect's and engineer's fees; the purchase price of any part of a project that
may be acquired by purchase; all expenses in connection with the...
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11-94-13
Section 11-94-13 Bonds of authority - Application of proceeds. The proceeds derived from the
sale of any bonds shall be applied as provided in the proceedings in which the bonds are authorized
to be issued, including without limitation, the payment of all legal, fiscal and recording
fees and expenses incurred in connection with the authorization, sale and issuance of the
bonds and if so provided in the proceedings authorizing their issuance, interest on said bonds
(or, if a part only of any issue of bonds is issued for acquisition purposes, interest on
that portion of the bonds of that issue that is issued to pay acquisition costs) for a reasonable
period prior to and during the time required for the acquisition, construction and equipping
of the project and for a period not exceeding 18 months after the completion thereof. An authority
may provide in the proceedings authorizing the issuance of bonds for the capitalization of
a debt service reserve and/or a replacement and extension...
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