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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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11-97-10
Section 11-97-10 Security for payment of bonds; contracts and agreements to secure.
(a) Bonds issued by any corporation may, as its board may deem advisable, be either general
obligations of such corporation or limited obligations payable only out of certain specified
revenues or assets of such corporation; provided, that any corporation may enter into contracts
with the holders of any of its bonds preventing such corporation from thereafter issuing general
obligation bonds or limiting the amount of such bonds that may thereafter be issued. To the
extent permitted by any contracts with the holders of outstanding bonds and any other contractual
obligations or requirements, any corporation may pledge any of its revenues or mortgage or
assign any of its assets, whether real or personal and whether tangible or intangible, to
secure the payment of any of its bonds. (b) As security for payment of the principal of and
the interest and premium, if any, on any bonds issued or assumed by it, any...
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11-62-8
Section 11-62-8 Bonds and notes generally - Form, terms, denominations, etc.; execution,
sale, delivery, redemption, etc.; security for payment of principal or interest; remedies
upon default; liability of municipalities, board, etc., thereupon. (a) Any authority shall
have power to issue from time to time its bonds and notes in such principal amount as its
board shall determine to be necessary to provide sufficient funds for achieving any of its
corporate purposes, including the payment of interest on any of its notes and bonds, the establishment
of reserves to secure any such notes and bonds and all other expenditures of such authority
incident to and necessary or convenient to carry out its corporate purposes and powers. Any
authority shall also have the power to issue from time to time notes to renew notes and bonds
to pay notes, including interest thereon and, whenever it deems refunding expedient, to refund
any bonds by the issuance of new bonds, whether the bonds to be refunded...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-62-8.htm - 12K - Match Info - Similar pages
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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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time
to time to sell and issue its bonds for the purpose of financing project costs pertaining
to one or more projects or for the purpose of providing funds to pay training facility management
fees, or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty
agreements wherein the authority guarantees payment, in whole or in part, of debt service
referable to obligations issued by development agencies for the purpose of financing project
costs pertaining to one or more projects; provided, however, that the principal amount of
authority obligations shall not exceed three hundred million dollars ($300,000,000). For...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-547.htm - 9K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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45-36-252.06
Section 45-36-252.06 Bonds of the authority; obligations. (a) In addition to all other
powers now or hereafter granted by law, the authority shall have the following powers, together
with all powers incidental thereto or necessary to the discharge thereof in corporate form:
(1) To sell and issue bonds of the authority in order to provide funds for any corporate function,
use, or purpose, any such bonds to be payable solely out of one or more of the following:
a. Any or all proceeds or receipts from the privilege, license, or excise tax levied on the
sale, distribution, storage, use, or consumption of tobacco and certain tobacco products in
Jackson County by Section 45-36-247. b. Any or all proceeds from any tax received by
the Jackson County Commission which are required by law to be deposited to the credit of the
Jackson County Water Authority. c. The revenues derived from any water, sewer, or garbage
system or facility of the authority. (2) To pledge for payment of any bonds issued...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-36-252.06.htm - 13K - Match Info - Similar pages
11-47-224
Section 11-47-224 Bonds of an authority - Payment out of revenues; security for payment;
mortgages, security interests, or assignments as security for payment. (a) Any bonds issued
by an authority shall be revenue bonds and shall be payable solely out of the revenues of
the authority as may be designated in the proceedings of the board under which the bonds are
authorized to be issued. (b) As security for payment of the principal of and interest on any
bonds issued or assumed by it, an authority may enter into a contract or contracts, and adopt
resolutions or other proceedings containing provisions constituting a part of the contract
or contracts with the holders of the bonds, pertaining to, among other things, the following:
(1) Pledging all or any part of the revenues of the authority to secure the payment of the
bonds. (2) Pledging, assigning, or mortgaging all or any part of the assets of the authority
to secure the payment of the bonds. (3) The creation of reserve, sinking, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-47-224.htm - 5K - Match Info - Similar pages
11-89A-10
Section 11-89A-10 Security for payment of bonds; contracts and agreements to secure.
(a) Any bonds issued by the authority shall be revenue bonds and shall be payable solely out
of such revenues of the authority as may be designated in the proceedings of the board under
which they shall be authorized to be issued. Any such proceedings may provide that the bonds
therein authorized shall be payable solely out of the revenues derived from the operation
of any facility or facilities owned by the authority, regardless of the fact that those bonds
may have been issued with respect to or for the benefit of a certain facility or facilities
of the authority. (b) As security for payment of the principal and interest on any bonds issued
or assumed by it, any authority may enter into a contract or contracts, and adopt resolutions
or other proceedings containing provisions constituting a part of the contract or contracts
with the holders of such bonds, pertaining to, among other things, the...
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16-65-6
Section 16-65-6 Bonds generally. (a) Issuance of bonds. The authority is authorized
and empowered to issue its bonds from time to time for the purpose of making equipment loans
to finance equipment costs incurred or to be incurred by educational institutions. Such bonds
may be in such aggregate principal amount as the board of directors shall determine to be
necessary to pay the equipment costs included in such financing. The authority may pay from
the proceeds of the sale of its bonds all expenses, including publication and printing charges,
attorneys' fees, financial advisory fees, and other expenses which the board of directors
may deem necessary or advantageous in connection with the authorization, advertisement, sale,
execution, and issuance of its bonds or the making of equipment loans from the proceeds thereof.
(b) Source of payment. All bonds issued by the authority shall be limited obligations of the
authority payable solely from any combination of the following: (1) The...
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