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11-89A-11
Section 11-89A-11 Proceeds from sale of bonds. All moneys derived from the sale of any bonds
issued by an authority shall be used solely for the purpose or purposes for which the same
are authorized; provided, however, that if for any reason any part of such proceeds shall
not be necessary for such purposes then such unexpended part of such proceeds shall be applied
to the payment of the principal of or interest on the said bonds. All accrued interest and
premium received in any such sale shall be applied to the payment of interest or principal
on the bonds sold. (Acts 1980, No. 80-278, p. 368, §12.)...
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11-97-11
Section 11-97-11 Proceeds from sale of bonds. All moneys derived from the sale of any bonds
issued by a corporation shall be used solely for the purpose or purposes for which the same
are authorized; provided, however, that if for any reason any part of such proceeds shall
not be necessary for such purposes, then such unexpended part of such proceeds shall be applied
to the payment of the principal or of interest on the said bonds. All accrued interest and
premium received in any such sale shall be applied to the payment of interest or principal
on the bonds sold. (Acts 1984, No. 84-314, p. 695, §11.)...
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11-62-8
any authority may enter into contracts with the holders of any of its bonds or notes preventing
such authority from thereafter issuing general obligation bonds or notes or limiting the amount
of such bonds or notes that may thereafter be issued. To the extent permitted by any contracts
with the holders of outstanding bonds and notes and any other contractual obligations or requirements,
any authority may pledge any of its revenues or mortgage or assign any of its assets, whether
real or personal and whether tangible or intangible, to secure the payment of any of
its bonds or notes. (d) All obligations created or assumed by any authority and all bonds
or notes issued thereby shall be solely and exclusively an obligation of such authority and
shall not create an obligation or debt of the state, the determining municipality or any other
political subdivision of the state or public corporation or governmental agency existing under
the laws thereof; provided, that the provisions of this...
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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...
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11-47-225
Section 11-47-225 Use of proceeds of borrowing; application of any portion of proceeds not
needed for original purposes. (a) The principal proceeds derived from any borrowing made by
an authority shall be used solely for the purpose or purposes for which the borrowing was
authorized. If any bonds are issued for the purpose of financing costs of acquiring, constructing,
improving, enlarging, and equipping a project, the costs shall be deemed to include the following:
(1) The cost of any land forming a part of the project. (2) The cost of the labor, materials,
and supplies used in the construction, improvement, or enlargement, including architectural
and engineering fees and the cost of preparing contract documents and advertising for bids.
(3) The purchase price of, and the cost of installing, equipment for the project. (4) The
cost of landscaping the lands forming a part of the project and of constructing and installing
roads, sidewalks, curbs, gutters, utilities, and parking places in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-47-225.htm - 4K - Match Info - Similar pages
23-7-20
Section 23-7-20 Securing of bonds - Trust indenture. (a) Bonds may be secured by a trust indenture
between the bank and a corporate trustee, which may be the State Treasurer or any bank having
trust powers or any trust company doing business in this state. A trust indenture may contain
provisions for protecting and enforcing the rights and remedies of the bondholders which are
reasonable and proper, including covenants setting forth the duties of the bank in relation
to the exercise of its powers and the custody, safekeeping, and application of its money.
The bank may provide by the trust indenture for the payment of the proceeds of the bonds and
all or any part of the revenues of the bank to the trustee under the trust indenture or to
some other depository, and for the method of its disbursement with safeguards and restrictions
prescribed by it. All expenses incurred in performing the obligations of the bank under the
trust indenture may be treated as part of its operating expenses....
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11-97-12
Section 11-97-12 Refunding bonds. (a) Any bonds issued or assumed by a corporation may from
time to time be refunded by the issuance, by sale or exchange, of refunding bonds payable
from the same or different sources for the purpose of paying all or any part of the principal
of the bonds to be refunded, any redemption premium required to be paid as a condition to
the redemption prior to maturity of any such bonds that are to be so redeemed in connection
with such refunding, any accrued and unpaid interest on the bonds to be refunded, any interest
to accrue on each bond to be refunded to the date on which it is to be paid, whether at maturity
or by redemption prior to maturity, and the expenses incurred in connection with such refunding
including, without limitation to, attorneys' fees, costs of printing the refunding bonds,
financial advisors' fees and accountants' fees; provided, that unless such bonds are duly
called for redemption pursuant to provisions contained therein, the...
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11-62-7
suits and actions and to defend suits against it; (3) To adopt and make use of a corporate
seal and to alter the same at pleasure; (4) To adopt, alter, and repeal bylaws, regulations,
and rules, not inconsistent with the provisions of this chapter, for the regulation and conduct
of its affairs and business; (5) To acquire, whether by gift, purchase, transfer, foreclosure,
lease, or otherwise, and to expand, improve, maintain, equip, and furnish one or more facilities,
including all real and personal properties that its board may deem necessary in connection
therewith, regardless of whether or not any such facility shall then be in existence and,
if in existence, regardless of whether or not any such facility is then owned or leased by
any user to which such facility may subsequently be sold or leased by such authority; (6)
To borrow money and to sell and issue bonds, notes, or other obligations as hereinafter provided
for any corporate use or purpose; (7) To lease to a user or users...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-62-7.htm - 9K - Match Info - Similar pages
40-17-359
Section 40-17-359 Distribution and use of proceeds. (a) For the purpose of this section, the
following terms shall have the meanings ascribed below: (1) BASE ANNUAL COUNTY DISTRIBUTION.
Five hundred fifty thousand dollars ($550,000). (2) COST OF COLLECTION. The amounts from the
proceeds of the highway gasoline tax that may be appropriated by the Legislature to the department
for its operating expenses. (3) COUNTY. Each county in the state. (4) FISCAL YEAR. The fiscal
year of the state. (5) DEPARTMENT OF TRANSPORTATION. The Department of Transportation of the
state. (6) HIGHWAY GASOLINE TAX. Both of the following: a. The excise tax levied under subdivision
(1) of subsection (a) of Section 40-17-325, with the exception of those portions of the tax
levied on aviation fuel and marine gasoline. b. The excise tax levied by Sections 40-17-140
to 40-17-155, inclusive, except that portion of the tax imposed on diesel fuel. (7) LOCAL
SUBDIVISIONS' SHARES OF THE NET TAX PROCEEDS. The 55 percent...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-17-359.htm - 28K - Match Info - Similar pages
16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds
that the number of students attending the several school systems located in those areas of
North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions
will collectively increase by an estimated 9,000 students. As a result, there will be a need
for the construction of additional school facilities as well as the renovation of existing
school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions
will have a positive impact on future receipts to the Education Trust Fund, as the significant
population growth in North Alabama will increase sales, income, and other tax collections.
Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital
improvement costs associated with BRAC-related school construction. (b) The Alabama Public
School and College Authority is hereby authorized to sell and issue its...
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