45-27A-31.09
Section 45-27A-31.09 Bonds of authority. (a) Source of payment. All bonds issued by the authority 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 under which the bonds shall be authorized to be issued. (b) Pledge of revenues, receipts, and other security. (1) The principle of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues and receipts out of which the same may be payable and may be secured by a mortgage and deed of trust or trust indenture conveying as security for such bonds all or any part of the property of the authority from which the revenues or receipts so pledged may be derived. (2) The resolution under which the bonds are authorized to be issued and any such mortgage and deed of trust or trust indenture may contain any agreements and provisions respecting the operation, maintenance, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-27A-31.09.htm - 5K - Match Info - Similar pages
45-29-90.14
Section 45-29-90.14 Contracts to secure bonds and assumed obligations. As security for payment of the principal of and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds or other funds, for the continued operation and maintenance of any facilities owned by it, or any part or parts thereof, for the imposition and collection of reasonable rates for and the promulgation of reasonable regulations respecting any service furnished from such facilities, for the disposition and application of its gross revenues or any part thereof, and for any other act or series of acts not inconsistent with this article for the protection of the bonds and other obligations being secured and the assurance that the revenues from such facilities will be sufficient to operate such facilities, maintain the same in good repair and in good operating condition, pay the principal of and interest...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-29-90.14.htm - 1K - Match Info - Similar pages
45-36-252.07
Section 45-36-252.07 Rates, fees, and charges. Rates, fees, and charges for water, sewer, or garbage service rendered by the authority from any of its systems shall be so fixed and from time to time revised as at all times to provide funds at least sufficient to: (1) Pay the cost of operating, maintaining, repairing, replacing, extending, and improving the systems and facilities, or either, from which such services are rendered. (2) Pay the principal of and the interest on all bonds and obligations assumed by the authority that are payable out of the revenues derived from operation of those systems and facilities together with revenues from any tax sources and fees as the principal and interest become due and payable. (3) Create and maintain such reserves for the foregoing purposes or any of them as may be provided in any mortgage and deed of trust or trust indenture executed by the authority under this part or in any resolutions of the board authorizing the assumption of any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-36-252.07.htm - 1K - Match Info - Similar pages
45-46-90.09
Section 45-46-90.09 Power to contract. As security for payment of the principal of and the interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of any industrial or commercial facility, or port, dock, wharf, or related facilities owned by it, or any part or parts thereof, for the imposition and collection of reasonable fees, rents, tolls, and other charges for, and the promulgation of reasonable regulations respecting the use of any such facilities, for the disposition and application of its gross revenues or any part thereof, and for any other act or series of acts, not inconsistent with this article for the protection of the bonds and other obligations being secured and the assurance that the revenues from such facilities will be sufficient to operate such system, maintain the same in good repair and in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-46-90.09.htm - 1K - Match Info - Similar pages
45-47-250.08
Section 45-47-250.08 Rates, fees, and charges. Rates, fees, and charges for water service and fire protection service rendered by the authority from any of its water systems or fire protection facilities shall be so fixed and from time to time revised as at all times to provide funds at least sufficient to: (1) Pay the cost of operating, maintaining, repairing, replacing, extending, and improving the systems and facilities, or either, from which such services are rendered. (2) Pay the principal of and the interest on all bonds and obligations assumed by the authority that are payable out of the revenues derived from operation of those systems and facilities together with revenues from any tax sources and fees as the principal and interest become due and payable; (3) Create and maintain such reserves for the foregoing purposes or any of them as may be provided in any mortgage and deed of trust or trust indenture executed by the authority under this article or in any resolutions of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-47-250.08.htm - 1K - Match Info - Similar pages
45-49A-10.05
Section 45-49A-10.05 Power to borrow money and issue revenue bonds. (a) The corporation shall have the power to borrow money and to issue revenue bonds as evidence of any money borrowed, which bonds shall be payable solely from the revenues derived from the activities and enterprises in which the corporation is hereby authorized to engage. As security for any money so borrowed, together with interest thereon, and any obligations incurred or assumed, the corporation in its discretion may mortgage, pledge, or otherwise transfer and convey its real, personal, and mixed property, or any part or parts thereof, whether then owned or thereafter acquired, including any franchises then owned or thereafter acquired, and all or any part of the revenues derived from the activities or enterprises in which the corporation is hereby authorized to engage. (b) When the corporation deems it advisable, convenient, necessary, or expedient to issue such bonds, it shall so resolve and all the provisions of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-49A-10.05.htm - 4K - Match Info - Similar pages
11-88-12
Section 11-88-12 Establishment and revision of rates, fees, and charges for services rendered by authority; applicability of provisions of section to authority organized to construct and operate sewer system. (a) Rates, fees, and charges for water service, sewer service, and fire protection service rendered by the authority from any of its water systems, sewer systems, or fire protection facilities shall be so fixed and from time to time revised as at all times to provide funds at least sufficient to: (1) Pay the cost of operating, maintaining, repairing, replacing, extending and improving the systems and facilities, or either, from which such services are rendered; (2) Pay the principal of and the interest on all bonds issued and obligations assumed by the authority that are payable out of the revenues derived from operation of those systems and facilities as the said principal and interest become due and payable; (3) Create and maintain such reserves for the foregoing purposes or any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-88-12.htm - 2K - 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-89A-10.htm - 5K - Match Info - Similar pages
16-18A-6
Section 16-18A-6 Revenue bonds - Contracts to secure payment. As security for payment of the principal and interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of any property and facilities, owned or controlled and operated by it or under its authority or any part or parts thereof, for the imposition and collection of reasonable rates and rentals for and the promulgation of reasonable regulations respecting the use of property and facilities of the authority and any service furnished therefrom, for the disposition and application of its gross revenues or any part thereof and for any other act or series of acts not inconsistent with the provisions of this chapter for the protection of the bonds and other obligations being secured and the assurance that revenues from such property and facilities will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-18A-6.htm - 2K - Match Info - Similar pages
41-10-102
Section 41-10-102 Remedies upon default on bonds, etc. (a) Remedies upon default on bonds or indenture. If there shall be any default in the payment of the principal of or interest on any of the bonds issued under this article, or in the performance of any provisions of the indenture or proceedings authorizing the issuance of such bonds, then the holder of any of the bonds and the interest coupons applicable thereto and the trustee under such indenture or any one or more of them shall have and may exercise any one or more of the following remedies: (1) They may by civil action, mandamus, injunction or other proceeding compel the performance of all duties of the officers and directors of the corporation with respect to the use of funds for the payment of the bonds and for the performance of the bonds and the agreements of the corporation contained in the bonds, the indenture or in the proceedings under which they were issued; (2) They may institute a civil action and shall be entitled...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-102.htm - 4K - Match Info - Similar pages
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