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11-80-7
Section 11-80-7 Authority of municipalities, counties, public corporations, boards of
education, etc., with respect to letters of credit as security for bonds, notes, etc. Any
municipality, county, public corporation, city or county board of education, the State Board
of Education, or any other entity organized pursuant to authorization, determination finding
or other action by any municipality or municipalities, or county or counties, or the governing
body of any one or more thereof, or any public officer or officers of the State of Alabama,
is hereby authorized: (1) To acquire a letter or letters of credit as security for any bonds,
notes, warrants, or other evidences of indebtedness or securities; (2) To pledge such letter
or letters for the benefit of such bonds, notes, warrants, or other evidences of indebtedness
or securities; (3) To pay the premium or premiums on such letter or letters from the proceeds
of any such bonds, notes, warrants, or other evidences of indebtedness or...
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8-8-7
Section 8-8-7 Maximum rates of interest - Exemption of bonds, notes, etc., of state,
instrumentalities, localities, etc. Any bonds, notes, warrants, other evidences of indebtedness,
or securities issued by the State of Alabama or any department, agency, or instrumentality
thereof, by any not-for-profit public or private corporation at any time organized or created
pursuant to act of the Legislature or executive order of the Governor for the purpose of acting
as an instrumentality of the State of Alabama or otherwise acting in the public interest and
by any board of water and sewer commissioners created under the provisions of Article 10,
Chapter 50, Title 11, and authorized to issue bonds under Section 11-50-345 by any
municipality, by any county, by any public corporation heretofore or hereafter organized or
created in the State of Alabama pursuant to authorization, determination, finding, or other
action of any municipality or municipalities or county or counties or the governing...
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8-6-110
Section 8-6-110 Definitions. The following words and phrases, as used in this article,
shall have the following meanings: (1) AUTHORIZING ACT. Any of the following statutes or acts:
a. Any of the following sections, as amended: Section 11-20-1 et seq., relating to
industrial revenue bonds to be issued by counties; Section 11-54-20 et seq., relating
to industrial revenue bonds to be issued by municipalities; Section 11-54-80 et seq.,
relating to industrial revenue bonds to be issued by municipal industrial development boards;
Section 11-58-1 et seq., relating to industrial revenue bonds to be issued by municipal
medical clinic boards, Section 22-21-170 et seq., relating to industrial revenue bonds
to be issued by county and municipal hospital authorities; and Section 11-20-30 et
seq., relating to industrial revenue bonds to be issued by county industrial development boards.
b. The following acts of the Alabama Legislature: Act No. 4, enacted at the 1956 Second Special
Session of the...
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11-81-220
Section 11-81-220 Definitions. As used in this article, the following words and phrases
shall have the following meanings respectively, unless the context clearly indicates otherwise:
(1) UNIT. Any public corporation organized in this state pursuant to authorization or determination
by any municipality or municipalities or county or counties or a municipality and a county
or by any combination of municipalities and counties or by the governing body of any one or
more thereof and shall include also any county board of education and any city board of education.
(2) ORGANIZING SUBDIVISION. With respect to any unit, each municipality or county which may
have granted authorization or made determinations respecting the incorporation of the unit
or the governing body of which may have granted such authorization or made such determinations
and, in the case of a board of education, the county or city with respect to which such board
of education is organized. (3) OBLIGATIONS. Bonds, warrants,...
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19-3-120
Section 19-3-120 Classes of authorized investments; repeal of conflicting statutes.
(a) Unless otherwise authorized or directed by the court having jurisdiction thereof, or by
the will, trust agreement or other document which is the source of authority, a trustee, executor,
administrator, guardian or one acting in any other fiduciary capacity, other than as a trustee
governed by the Alabama Uniform Trust Code, with the exercise of reasonable business prudence,
in addition to any other investments now permitted by law, may invest funds in securities
or investments which, at the time of the making or purchase thereof, are included in one or
more of the following classes: (1) Bonds or other interest-bearing obligations of the United
States of America, or payment of which the United States of America has guaranteed as to both
principal and interest. (2) Bonds issued by the Federal Land Bank, under the act of Congress
of the United States of America, designated as "the Federal Farm Loan...
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11-94-15
Section 11-94-15 Liability of authorizing subdivisions upon bonds, obligations and agreements
of authority; other actions by authorizing subdivisions to attain objectives of chapter. (a)
Neither of the authorizing subdivisions of an authority shall in any event be liable for the
payment of the principal of, interest and premium, if any, on any bonds of an authority or
for the performance of any pledge, assignment, indenture, obligation or agreement of any kind
whatsoever which may be undertaken by an authority and none of the bonds of an authority or
any of its agreements or obligations shall be construed to constitute an indebtedness of any
authorizing subdivision within the meaning of any constitutional or statutory provision whatsoever.
(b) For the purpose of attaining the objectives of this chapter, either of the authorizing
subdivisions, any other county or municipality of the state, and any other political subdivision,
public corporation, agency or instrumentality of the state or...
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11-82-1
Section 11-82-1 Definitions. As used in this chapter, the following words and phrases
shall have the following meanings, respectively, unless the context clearly indicates otherwise:
(1) SECURITIES. All types of bonds, warrants, certificates of indebtedness, notes and all
evidences of indebtedness issued by any county or municipality in this state. (2) OPTION TO
REDEEM. Any option retained by the county or municipality in the proceedings authorizing the
issuance of securities whereunder such county or municipality has the option of calling for
redemption or of paying on a specified date or dates at a specified price or prices all or
any part of such securities as may be provided in such proceedings. (3) REDEMPTION DATE. The
date on which securities shall be made subject to payment pursuant to the exercise by the
issuing county or municipality of any option to redeem retained by such county or municipality
in the proceedings whereunder such securities are authorized to be issued. (Acts...
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22-21-70
Section 22-21-70 Definitions. For the purposes of this division, the following terms
shall have the meanings respectively ascribed to them by this section: (1) THE CORPORATION.
A corporation organized pursuant to the provisions of this division. (2) SECURITIES. Notes,
bonds, certificates of indebtedness, warrants or other evidences of indebtedness. (3) HOSPITAL.
Such term includes the plural as well as the singular and means: a. Public hospitals of all
types, public clinics, public health centers and related public health facilities, such as
laboratories, outpatient departments, nurses' homes and nurses' training facilities and central
service facilities operated in connection with public hospitals; b. Appurtenant buildings
and other facilities to provide offices for persons engaged in the diagnosis, treatment or
cure of diseased, sick and injured persons and to house or service equipment used for the
diagnosis, treatment or cure of diseased, sick or injured persons or the records of...
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1-1-13
Section 1-1-13 Previous validating acts not repealed. The omission from this Code of
any acts heretofore passed which validated any bonds, notes, warrants, certificates or other
evidences of indebtedness issued by any city, town, county, county board of education, city
board of education or other political subdivision of the state shall in no way operate or
be construed to repeal or destroy the effect of any and all of such validating acts where
said validating acts have been otherwise lawfully passed and are not in conflict with the
Constitution of the United States or the State of Alabama. (Code 1940, T. 1, ยง15.)...
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41-1-7
Section 41-1-7 Issuance of securities in fully registered form without coupons. (a)
The state, and each county, municipality, board of education, political subdivision, public
instrumentality, public corporation or other public entity howsoever identified, which is
authorized by law to issue bonds, warrants, notes, certificates of indebtedness or other securities
howsoever identified is hereby further authorized to issue any such securities in fully registered
form without coupons. (b) This law shall not repeal any existing law which authorizes the
issuance of securities in any other form but no such existing law shall be construed to prohibit
the issuance of securities in the form permitted by subsection (a) hereof or to require that
securities be issued in any form other than that permitted hereby. (Acts 1983, 1st Ex. Sess.,
No. 83-74, p. 77.)...
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