11-81-181
Section 11-81-181 Pledge of revenues from systems for payment of principal and interest on bonds; disposition of gross revenues from operation of system generally. (a) In the authorizing proceedings the borrower shall pledge for payment of the principal and interest on bonds issued under this article the revenues derived from operation of a system or systems of the borrower out of which such bonds are made payable; provided, that the borrower may reserve the privilege of using for any lawful purpose surplus revenues from such system or systems remaining after compliance with the provisions of this section and any additional requirements contained, as provided for in this article, in the authorizing proceedings or in a trust indenture. (b) In the authorizing proceedings or in a trust indenture provided for therein, the borrower shall agree to deposit the gross revenues from such system or systems daily, as received by the borrower, into a "gross revenue account" and to apply the gross...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-181.htm - 3K - Match Info - Similar pages
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
11-81-166
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-166.htm - 5K - Match Info - Similar pages
11-32-10
Section 11-32-10 Bonds - Contracts as security for payment. (a) As security for payment of the principal of and the interest on bonds issued or obligations assumed by it, the authority may enter into one or more contracts binding itself for the following: (1) The proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of any transit system owned by it, or any part or parts of a transit system. (2) The imposition and collection of reasonable rates for and the promulgation of reasonable regulations respecting any service furnished from a transit system. (3) The disposition and application of its gross revenues or any part of a transit system. (4) For any other act or series of acts not inconsistent with this chapter for the protection of the bonds and other obligations being secured and the assurance that the revenues from the transit system, when added to all other moneys of the authority available for the transit system, will be...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-32-10.htm - 1K - Match Info - Similar pages
11-49A-11
Section 11-49A-11 Bonds - Contracts as security for payment. 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 transit system 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 system, 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 the revenues from such system, when added to all other moneys of the authority available therefor, will be sufficient to operate such system, maintain the same in good...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-49A-11.htm - 1K - Match Info - Similar pages
11-49B-10
Section 11-49B-10 Contracts to secure bonds and assumed obligations. As security for payment of the principal of and the interest on bonds issued or obligations assumed by it, the authority may do the following: (1) 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 transit system owned by it, or any part of the system. (2) Impose and collect reasonable rates for any service furnished by the system. (3) Promulgate rules and regulations respecting any service furnished by the system. (4) Provide for the disposition and application of its gross revenues received by the system. (5) Do any act or series of acts not inconsistent with this chapter for the protection of the bonds and other obligations being secured by the authority. (6) Assure that the revenues derived from the system, when added to all other moneys of the authority, will be sufficient to operate and maintain...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-49B-10.htm - 1K - Match Info - Similar pages
11-81-179
Section 11-81-179 Statutory mortgage lien of bondholders - Duration; enforcement. (a) Any system or systems that shall be made subject to a statutory mortgage lien as provided for in Section 11-81-178 shall remain subject to such lien until payment in full of the principal of and the interest on the bonds to secure the payment of which such lien was created or until moneys sufficient for the payment thereof shall have been set aside in trust for payment thereof. (b) Any holder of any of said bonds or of any of the interest coupons applicable thereto and the trustee under any trust indenture, if so provided in such indenture, may, by civil action, mandamus or other proceedings, protect, enforce and compel performance of all duties of the officials of the borrower, including the fixing of sufficient rates, the collection of revenues, the proper segregation of the revenues of the system or systems and the proper application thereof; provided, however, that such statutory mortgage lien...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-179.htm - 2K - 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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-18.htm - 4K - Match Info - Similar pages
11-50A-9
Section 11-50A-9 Issuance of bonds; prerequisites; procedure; provisions; execution; bond resolution covenants. (a) The authority shall, prior to the adoption by the board of a resolution authorizing the issuance of any bonds, enter into one or more contracts with two or more municipalities which are authorized to contract with the authority pursuant to Section 11-50A-17. Any resolution of the board authorizing the issuance of bonds may authorize those bonds to be issued in more than one series, and the issuance of each series of bonds so authorized by that resolution need not be preceded by the entering into by the authority of additional contracts pursuant to Section 11-50A-17. (b) The board may by resolution or resolutions authorize the issuance of bonds. Unless otherwise provided therein, the resolution or resolutions shall take effect immediately and need not be published or posted. The board may authorize such types of bonds as it may determine, subject only to any agreement with...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-9.htm - 8K - Match Info - Similar pages
|