41-10-44.9
Section 41-10-44.9 Establishment of tax increment funds. In order to provide a method of financing project costs other than by the issuance of project obligations payable from the amounts required to be paid by an approved company under a financing agreement, the authority may establish one or more tax increment funds with respect to a project, into which the authority and an approved company may agree that the approved company will deposit either or both of the following: (i) an annual amount equal to the amount of corporate income tax levied by Section 40-18-31 that otherwise would be owed by the approved company on its income generated by or arising from such project, and (ii) the aggregate job development fees withheld by the approved company as provided in Section 41-10-44.7. The authority may also arrange for any gifts, grants, loans, appropriations or other forms of aid from the federal or state governments or from any other public or private entity to be paid into a tax...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-44.9.htm - 2K - Match Info - Similar pages
41-10-541
such obligations, and which meet the greater of 100% collateralization or the "AA" collateral levels established by Standard & Poor's Rating Group for structured financings; and h. Uncollateralized investment agreements with, or certificates of deposit issued by banks or bank holding companies, the senior long-term securities of which are rated at least "AA" by Standard & Poor's Rating Group and at least "Aa" by Moody's Investors Service. (11) FINANCED PROPERTY. All property whether real, personal, or mixed, the costs of which were or are to be paid or reimbursed in whole or in part with the proceeds of bonds of the authority or the proceeds of authority-guaranteed obligations. (12) FINANCING AGREEMENT. Any loan, lease, agreement, grant agreement, financing agreement, credit agreement, security agreement, mortgage, indenture, guaranty agreement, or other type of agreement entered into by the authority in connection with the incurring of authority obligations. (13) FUNDING AGREEMENT....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-541.htm - 13K - Match Info - Similar pages
9-6-15
Section 9-6-15 Exemptions from taxation; payment of fees, costs, etc. Each authority formed under this chapter, the property and income of the authority, all bonds issued by the authority, the income from such bonds or from any other sources, the interest and other profits from such bonds enuring to and received by the holders thereof, conveyances by and to the authority and leases, mortgages and deeds of trust by and to the authority shall be exempt from all taxation in the State of Alabama. The authority shall not be obligated to pay or allow the payment of any fees, taxes or costs to the Secretary of State in connection with its incorporation or with any amendment to its certificate of incorporation or otherwise or to any judge of probate of any county in connection with the recording by it of any document or otherwise, the authority being hereby exempted from the payment of any such fees, taxes and costs. No license or excise tax may be imposed by any authority with respect to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/9-6-15.htm - 1K - Match Info - Similar pages
11-43-162
Section 11-43-162 Grounds for impeachment - Misapplication of funds from special tax. Any member of the council who shall vote in favor of or any mayor who shall approve any resolution or ordinance to apply the funds or any part thereof derived from the special tax provided for in article 1 of chapter 81 of this title, to any other purpose than to the payment of such interest and principal of such bonds may be impeached in the manner provided in this article, and shall be guilty of a misdemeanor and, upon conviction, shall be imprisoned for not less than 30 days and for not more than six months and may be fined a sum of not less than $100.00 nor more than $500.00. (Code 1907, §1176; Code 1923, §1892; Code 1940, T. 37, §453.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-43-162.htm - 1K - Match Info - Similar pages
11-92A-23
Section 11-92A-23 Special reserve funds and applications for appropriations. (a) In addition to all other powers at any time conferred upon an authority by law, an authority may, in connection with the issuance of any bonds hereunder, create and establish one or more special debt service reserve funds (a "debt service reserve fund"), and may pay or cause to be paid into each debt service reserve fund (i) proceeds from bonds issued pursuant hereto to the extent provided by the authority authorizing the issuance thereof; (ii) any moneys appropriated and made available by the Legislature for the purpose of such fund; and (iii) any other moneys that may be made available to the authority from any other source for the purpose of such fund. All moneys held in a debt service reserve fund shall be used solely for the payment of the principal of, premium, if any, and interest on bonds secured, in whole or in part, by that fund when and as the same become due and payable as provided in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92A-23.htm - 7K - Match Info - Similar pages
11-94-25
Section 11-94-25 Revenues to be used for paying bonds of authorities. Any provision of Chapter 94 of Title 11, to the contrary notwithstanding, any bonds issued by an authority in connection with any project described in paragraph b. of Section 11-94-1(9) need not be payable solely out of the revenues derived from the leasing, sale or operation of such project or any other project or projects of such authority but shall be payable solely out of such revenues as may be designated in the proceedings of the board of directors of such authority under which such bonds shall be authorized to be issued. In addition, an authority may, in such proceedings or in any indenture or resolution providing for the issuance of such bonds, assign and pledge any such revenues as security for the payment of the principal of and interest and premium, if any, on such bonds and the performance of any agreements made in connection therewith. (Acts 1986, No. 86-562, p. 1143, §2.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-94-25.htm - 1K - Match Info - Similar pages
37-6-9
Section 37-6-9 Qualifications for membership; meetings; voting. (a) No person who is not an incorporator shall become a member of a cooperative unless such person shall agree to use electric energy furnished by the cooperative when such electric energy shall be available through its facilities. The bylaws of a cooperative may provide that any person, including an incorporator, shall cease to be a member thereof if he shall fail or refuse to use or pay for electric energy made available by the cooperative or if electric energy shall not be made available to such person by the cooperative within a specified time after such person shall have become a member thereof. Membership in the cooperative shall not be transferable, except as may be provided in the bylaws. The bylaws may prescribe additional qualifications and limitations in respect of membership. (b) An annual meeting of the members shall be held at such time as shall be provided in the bylaws. The bylaws may provide that area...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-6-9.htm - 4K - Match Info - Similar pages
41-10-30
Section 41-10-30 Pledge and appropriation of certain tax receipts for sinking fund for payment of principal and interest on bonds. For the purpose of providing funds to enable the authority to pay, at their respective maturities, the principal of and interest on any bonds issued by it under the provisions of this article and to accomplish the objects of this article, there is hereby irrevocably pledged to such purpose and there is hereby appropriated so much as may be necessary for such purpose of the receipts from the tax levied by Sections 40-25-2 and 40-25-41 and distributed in accordance with subparagraph (1) b. 1. i. of Section 40-25-23. All moneys hereby appropriated and pledged shall constitute a sinking fund for the purpose of paying the principal of and the interest on the bonds authorized by this article. (Acts 1965, No. 662, p. 1187, §11.)...
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45-29-90
for obtaining such certificate. (8) MANAGEMENT AREA. The Tom Bevill Reservoir Management Area. (9) MUNICIPALITY. An incorporated city or town of the state. (10) PERSON. Unless limited to a natural person by the context in which it is used, includes a public or private corporation, a municipality, a county, or an agency, department, or instrumentality of a county or municipality, of one or more of the several states, or of the United States of America. (11) PROPERTY. Includes real and personal property, and interest therein. (12) STATE. In the absence of clear implication herein otherwise, means the State of Alabama. (13) THE TOM BEVILL RESERVOIR MANAGEMENT AREA. Includes the following lands in Fayette County: Township 14 South, Range 10 West Section 32: S 1/2 of SE 1/4; Section 33: S 1/2 of SW 1/4 Township 15 South, Range 10 West Section 4: NW 1/4; SW 1/4; Section 5: NE 1/4; SE 1/4; S 1/2 of SW 1/4; Section 7: SE 1/4 of NE 1/4; E 1/2 of SE 1/4; Section 8: All; Section 9: NW 1/4;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-29-90.htm - 3K - Match Info - Similar pages
11-50A-11
Section 11-50A-11 Validation of contracts. When payments required by the provisions of Section 11-50A-17 to be made by any municipality authorized to contract with the authority pursuant to Section 11-50A-17 are pledged as security for the payment of bonds sought to be validated, the petition for validation shall make parties defendant to that action every municipality which has contracted with the authority for the output, capacity, use or service of the project for which bonds are sought to be validated. Notice to the taxpayers and citizens of such municipality shall be made as provided in Section 11-81-222(d). Every other party, public or private, contracting with the authority in any manner with relation to the construction, ownership or operation of the project for which bonds are sought to be validated may also be made parties defendant to that action. (Acts 1981, No. 81-681, p. 1114, §11.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-11.htm - 1K - Match Info - Similar pages
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