11-54-89
Section 11-54-89 Bonds - Form, terms, denominations, etc.; execution, sale, delivery, redemption,
etc.; refunding of bonds. All bonds issued by the industrial development board shall be payable
solely out of the revenues and receipts derived from the leasing or sale by the board of its
projects or of any thereof as may be designated in the proceedings of the board of directors
under which the bonds shall be authorized to be issued. Such bonds may be executed and delivered
by the board at any time and from time to time, may be in such form and denominations and
of such tenor and maturities, may be in registered or bearer form either as to principal or
interest or both, may be payable in such installments and at such time or times, not exceeding
40 years from the date thereof, may be payable at such place or places whether within or without
the State of Alabama, may bear interest at such rate or rates payable at such time or times
and at such place or places and evidenced in such manner,...
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11-54-145
Section 11-54-145 Requirements respecting leases. Prior to the leasing of any project, the
governing body must determine and find the following: The amount necessary in each year to
pay the principal of and the interest on the bonds proposed to be issued to finance such project;
the amount necessary to be paid each year into any reserve funds which the governing body
may deem it advisable to establish in connection with the retirement of the proposed bonds
and the maintenance of the project; and, unless the terms under which the project is to be
leased provide that the lessee shall maintain the project and carry all proper insurance with
respect thereto, the estimated cost of maintaining the project in good repair and keeping
it properly insured. The determinations and findings of the governing body required to be
made in the preceding sentence shall be set forth in the proceedings under which the proposed
bonds are to be issued; and prior to the issuance of such bonds, the...
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11-54-23
Section 11-54-23 Requirements as to leasing of projects. (a) Prior to the leasing of any project,
the governing body must determine and find the following: (1) The amount necessary in each
year to pay the principal of and the interest on the bonds proposed to be issued to finance
such project; (2) The amount necessary to be paid each year into any reserve funds which the
governing body may deem it advisable to establish in connection with the retirement of the
proposed bonds and the maintenance of the project; and, (3) The estimated cost of maintaining
the project in good repair and keeping it properly insured, unless the terms under which the
project is leased provide that the lessee shall maintain the project and carry all proper
insurance with respect thereto. (b) The determinations and findings of the governing body
required to be made by subsection (a) of this section shall be set forth in the proceedings
under which the proposed bonds are to be issued; and, prior to the issuance...
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11-54-53
Section 11-54-53 Requirements as to leasing of projects. (a) Prior to the leasing of any project,
the governing body must determine and find the following: (1) The amount necessary in each
year to pay the principal of and the interest on the bonds proposed to be issued to finance
such project; (2) The amount necessary to be paid each year into any reserve funds which the
governing body may deem it advisable to establish in connection with the retirement of the
proposed bonds and the maintenance of the project; and (3) The estimated cost of maintaining
the project in good repair and keeping it properly insured, unless the terms under which the
project is to be leased provide that the lessee shall maintain the project and carry all proper
insurance with respect thereto. (b) The determinations and findings of the governing body
required to be made by subsection (a) of this section shall be set forth in the proceedings
under which the proposed bonds are to be issued and, prior to the...
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11-55-10
Section 11-55-10 Requirements as to leases of projects. (a) Prior to the leasing of any project,
the governing body must determine and find the following: (1) The amount necessary in each
year to pay the principal of and the interest on the bonds proposed to be issued to finance
such project; (2) The amount necessary to be paid each year into any reserve funds which the
governing body may deem it advisable to establish in connection with the retirement of the
proposed bonds and the maintenance of the project; and (3) The estimated cost of maintaining
the project in good repair and keeping it properly insured, unless the terms under which the
project is to be leased provide that the lessee shall maintain the project and carry all proper
insurance with respect thereto. (b) The determinations and findings of the governing body
required to be made by subsection (a) of this section shall be set forth in the proceedings
under which the proposed bonds are to be issued; and, prior to the...
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11-81-166
Section 11-81-166 Revenue bonds - Authority for issuance; authorization proceedings generally;
form, terms, denominations, etc.; execution and delivery generally; maturity and sale; payment
generally; trust indentures. (a) Any borrower may issue its revenue bonds for the purpose
of: (1) Financing the acquisition, improvement, enlargement, extension and repair, or any
of them, of a system or systems; (2) Refunding the principal of and the interest on any bonds
of such borrower theretofore issued under this article and then outstanding, whether or not
such principal and interest shall have matured at the time of such refunding; or (3) Financing
any such acquisition, improvement, enlargement, extension and repair, or any of them, and
refunding any such principal and interest. (b) Any bonds issued under this article shall be
made payable solely out of the revenues from the operation of a system or systems of the borrower
and may be made payable from any such revenues without regard to...
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11-22-10
Section 11-22-10 Bond issues - Securing of principal and interest; mortgages and deeds of trust;
default. The principal of and interest on any bonds issued by the corporation shall be secured
by a pledge of the revenues and receipts out of which the same shall be made payable and may
be secured by mortgage or deed of trust covering all or any part of the projects from which
the revenues or receipts so pledged may be derived, including any enlargements of and additions
to any such projects thereafter made. The resolution under which the bonds are authorized
to be issued and any such mortgage or deed of trust may contain any agreements and provisions
respecting the maintenance of the projects covered thereby, the fixing and collection of fees,
rates, tolls and charges for the services, facilities and accommodations furnished by the
corporation and of the rents for any portion thereof leased by the corporation to others,
the creation and maintenance of special funds from such revenues and...
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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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11-92A-16
Section 11-92A-16 Use of bonds, proceeds, etc. (a) The proceeds 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 only
a part 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. An authority may provide in the proceedings authorizing the issuance of bonds
for the funding of a debt service reserve and/or a replacement and extension reserve from
the proceeds of its bonds. (b) All contracts made by an authority and all bonds...
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11-97-9
Section 11-97-9 Bonds of corporation generally. (a) Any corporation shall have the power to
issue, sell and deliver at any time and from time to time its bonds in such principal amount
or amounts 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 bonds, the
establishment of reserves to secure any such bonds and all other expenditures of such corporation
incident to and necessary or convenient to carry out its corporate purposes and powers. Any
corporation shall also have the power to issue from time to time bonds to renew bonds and
bonds to pay bonds, 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 have or
have not matured, and to issue bonds partly to refund bonds then outstanding and partly for
any other of its corporate purposes. (b) The bonds issued by any...
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