41-9-355
Section 41-9-355 Loan from State Docks Department; commission may borrow from banks pending such loan and pledge loan as security; $50,000.00 outstanding indebtedness forgiven. (a) At such time as existing revenue bond covenants of the Alabama State Docks Department are satisfied as a result of any refunding of revenue bond issues of the Alabama State Docks Department that are outstanding as of August 1, 1963, the Alabama State Docks Department shall loan $50,000.00 to the USS Alabama Battleship Commission from the trust fund that will be released to the Alabama State Docks Department as a result of said refunding. This loan shall be repaid to the Alabama State Docks Department from the proceeds of the first revenue issue authorized under this article. Pending said loan from the Alabama State Docks Department from the released trust fund, the USS Alabama Battleship Commission is hereby authorized to borrow from any bank or banks in the state of Alabama such sums up to $50,000.00 as are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-9-355.htm - 1K - Match Info - Similar pages
43-2-646
Section 43-2-646 Refunding bonds - Recordation; transcript as evidence. All refunding bonds provided for in this division must be recorded by the judge of probate and then delivered to the executor or administrator; and a transcript of any such bond as recorded, duly certified, is evidence to the same extent as the original would have been if produced. (Code 1852, §1784; Code 1867, §2111; Code 1876, §2488; Code 1886, §2205; Code 1896, §273; Code 1907, §2731; Code 1923, §5970; Code 1940, T. 61, §372.)...
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14-2-13.1
Section 14-2-13.1 Bonds - Limitations on issuance of refunding bonds; present value of debt service; average maturity of refunding bonds. It is hereby further provided that no refunding bonds as provided for by Section 14-2-13 shall be issued unless the present value of all debt service on the refunding bonds (computed with a discount rate equal to the true interest rate of the refunding bonds and taking into account all underwriting discount and other issuance expenses) shall not be greater than 95% of the present value of all debt service on the bonds to be refunded (computed using the same discount rate and taking into account the underwriting discount and other issuance expenses originally applicable to such bonds) determined as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities (considering mandatory redemption as a scheduled maturity) provided at the time of their issuance. Provided further that the average maturity of the refunding...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/14-2-13.1.htm - 1K - Match Info - Similar pages
22-3A-14
Section 22-3A-14 Refunding bonds. (a) Any bonds issued by the authority under this chapter may from time to time thereafter be refunded by the issuance of refunding bonds of the authority; provided, however, that no refunding bonds shall be issued unless the present value of all debt service on the refunding bonds (computed with a discount rate equal to the true interest rate of the refunding bonds and taking into account all underwriting discount and other issuance expenses) shall not be greater than 95 percent of the present value of all debt service on the bonds to be refunded (computed using the same discount rate and taking into account the underwriting discount and other issuance expenses originally applicable to such bonds) determined as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities (considering mandatory redemption as a scheduled maturity) provided at the time of their issuance. Provided further that the average maturity of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-3A-14.htm - 4K - Match Info - Similar pages
23-2-149
Section 23-2-149 Trust agreements securing bond issues; authorized provisions protecting holders; pledge of revenues. In the discretion of the authority, any bonds issued under the provisions of this article may be secured by a trust agreement by and between the authority and a corporate trustee, which may be any trust company, or bank having the powers of a trust company, within or without the state. The trust agreement or the resolution providing for the issuance of such bonds subject to the provisions of Section 23-2-147, may pledge or assign tolls or other revenues to which the authority's right then exists or which may thereafter come into existence, and the moneys derived therefrom, and the proceeds of such bonds; provided, however, that the trust agreement or resolution shall not convey or mortgage any toll road, bridge or tunnel project or any part thereof. Such trust agreement or resolution providing for the issuance of bonds may contain such provisions for protecting and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-149.htm - 4K - Match Info - Similar pages
41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from time to time to sell and issue its bonds in limited amounts and for the purpose of promoting economic development and industrial recruitment as specified by the Legislature from time to time by separate act, provided that refunding bonds may be issued by the authority pursuant to Section 41-10-627 without first obtaining separate authorization from the Legislature. (b) Sources of payment. Bonds issued by the authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state. Such bonds shall not be general obligations of the authority but shall be payable solely from one or more of the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage or security granted to the authority. (3) Amounts derived from any letter of credit, insurance policy, or other form of credit enhancement...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-626.htm - 5K - Match Info - Similar pages
2-5A-35
Section 2-5A-35 Refunding bonds. (a) Any bonds issued by the Department of Agriculture and Industries pursuant to this article may from time to time thereafter be refunded by the issuance of refunding bonds of the Department of Agriculture and Industries; provided, however, that no refunding bonds shall be issued unless the present value of all debt service on the refunding bonds, computed with a discount rate equal to the true interest rate of the refunding bonds and taking into account all underwriting discount and issuance expenses, shall not be greater than 97 percent of the present value of all debt service on the bonds to be refunded, computed using the same discount rate and taking into account the underwriting discount and other issuance expenses originally applicable to such bonds, determined as if such bonds to be refunded were paid and retired in accordance with the schedule of maturities, considering mandatory redemption as a scheduled maturity, provided at the time of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-5A-35.htm - 3K - Match Info - Similar pages
27-31-11
Section 27-31-11 Bond of attorney of domestic insurer - Requirements. (a) Concurrently with the filing of the declaration provided for in Section 27-31-7, the attorney of a domestic reciprocal insurer shall file with the commissioner a bond in favor of this state for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his bond as set forth in subsection (b) of this section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the commissioner's approval. (b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his hands and that he will not withdraw or appropriate to his own use from the funds of the insurer any moneys or property to which he is not entitled under the power of attorney. (c) The bond shall provide that it is not subject to cancellation unless 30...
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40-17-335
Section 40-17-335 Surety bond. (a) Upon approval of the application by the department, the applicant shall file with the department a surety bond as herein provided: (1) Except as provided under subdivision (3), the bond amount for an applicant for a license as a supplier, permissive supplier, or terminal operator shall be in the approximate amount of twice the average monthly tax liability, not to exceed two million dollars ($2,000,000). (2) Except as provided under subdivision (3), the bond amount for an applicant for a license as an exporter, blender, importer, or distributor shall be a minimum of two thousand dollars ($2,000) or the approximate amount of twice the average monthly tax liability, whichever is greater. (3) The bond for distributors, suppliers, and permissive suppliers who are licensed with the department on October 1, 2012, shall remain at the amount that is filed with the department on that date, except as provided under subsection (b). (4) For an applicant for a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-17-335.htm - 4K - Match Info - Similar pages
11-81-183
Section 11-81-183 Designation of depository; disposition and disbursement of gross revenue account and special funds by depository. The governing body of the borrower shall designate as depository for the "gross revenue account" and each of the special funds provided for in Section 11-81-181 a bank or trust company duly qualified and doing business within the State of Alabama. The moneys in said account and in each of the said funds shall be received and held by the respective depositories therefor in separate and special accounts as trust funds for the benefit of the borrower and the holders of the bonds and coupons as their respective interests may appear and shall be applied only for the respective purposes specified in the authorizing proceedings or any trust indenture provided for in the authorizing proceedings; provided, that the authorizing proceedings or such trust indenture may provide that any depository for said account or for the said replacement and extension fund shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-183.htm - 1K - Match Info - Similar pages
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