11-54-97
Section 11-54-97 Exemption of boards - Usury and interest laws. Each industrial development board now or hereafter organized under the provisions of this division is hereby exempted from the laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of Chapter 8 of Title 8. (Acts 1969, No. 1150, p. 2157.)...
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10A-20-7.02
Section 10A-20-7.02 Incorporation. (a) Five or more financial institutions or persons, a majority of whom shall be residents of this state, who may desire to create an industrial development corporation under the provisions of this article for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the state and, to that end, to exercise the powers and privileges provided in this article may be incorporated by delivering to the Secretary of State for filing a certificate of formation. The filing of the certificate shall be accompanied by a filing fee in the amount prescribed to be paid to the Secretary of State under Section 10A-1-4.31 in connection with the filing of a certificate of formation. The certificate of formation shall contain: (1) The name of the corporation which shall include the words "industrial development corporation of Alabama." (2) The location of the principal office of the corporation, but the corporation may have offices in...
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41-10-45.1
Section 41-10-45.1 Definitions. The following words and phrases shall have the following meanings when used in this article: (a) AUTHORITY. The State Industrial Development Authority, a public corporation of the state, organized and existing under Articles 2, 2A, and 2B of this Chapter. (b) DEPARTMENT. The Alabama Department of Commerce. (c) ELIGIBLE BORROWER. A municipality, county, industrial development authority organized under Chapter 92A of Title 11, industrial development board organized under Article 4, Chapter 54 of Title 11, or nonprofit organization organized to foster economic development and described in Section 501(c) of the Internal Revenue Code of 1986, as in effect from time to time. (d) ELIGIBLE EXPENSES. Expenses relating to land acquisition, site preparation or development, building improvements, building construction, building renovations, infrastructure, and any other real or personal property deemed necessary or useful in connection therewith. (e) ELIGIBLE...
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11-43A-105
Section 11-43A-105 Continuation of laws relating to boards, authorities, agencies, etc., with independent status until otherwise provided. All laws relating to any school board, library board, hospital board, airport board, housing authority, plumbers or electricians board, planning board or commission, zoning board, board of adjustment, park or recreation board, industrial development board, medical clinic board, utilities board, or any municipally-owned service enterprise, including, without limitation, electric, gas, sewer, and water boards or agencies, and to any board, authority, or agency having independent status, which may apply at the time the council-manager form of government under this article is made effective, shall continue in full force and effect and without interruption or change as to the establishment or conduct of any such authority, board, or agency, unless and until otherwise provided by law. (Acts 1991, No. 91-545, p. 973, ยง36.)...
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40-9-14.1
Section 40-9-14.1 Certificates of exemption to governmental entities, contractors, etc., for certain tax exempt projects. (a) For the purposes of this section, the term governmental entity means the State of Alabama and its political subdivisions, including a county, a municipality, an industrial or economic development board or authority, and any public water or sewer authority, district, system, or board that otherwise is sales and use tax exempt. A governmental entity shall also include an educational institution of any of the foregoing Alabama political subdivisions including a public college or university, a county or city board of education, and the State Board of Education. (b)(1) The Department of Revenue shall issue a certificate of exemption to the governmental entity for each tax exempt project. (2) The Department of Revenue shall grant a certificate of exemption from state and local sales and use taxes to any contractor licensed by the State Licensing Board for General...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division, and others evidently intended as the equivalent thereof, shall, in the absence of clear implication herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant to this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which the payment of debt service referable to bonds, notes, or other evidences of indebtedness of a development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of the authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes, or other evidences of indebtedness of a development agency that are issued solely for the purpose in financing a project and that are guaranteed, in whole or in part,...
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11-54A-24
Section 11-54A-24 Authorities organized under prior acts. Any downtown redevelopment authority established under Acts 1982, No. 303, Acts 1984, No. 395, Acts 1984, No. 415, Acts 1985, No. 185, or any other authority organized under any act of this state prior to May 29, 1985, for the purpose of revitalizing or redeveloping the central business district of any city or town in Alabama may reincorporate under the provisions of this chapter by the filing of a restated certificate of incorporation with the judge of probate of the county wherein the certificate of incorporation of the authority was originally filed for record but the provisions of Section 11-54A-4 need not be complied with and, if the authority had previously received an authorizing resolution, no new authorizing resolution shall be required. The governing body of the city shall not be required to reappoint the directors of any such authority and the directors then in office shall continue in office and their terms of office...
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11-94-24
Section 11-94-24 Validation of incorporation of certain port authorities. In all cases where there has heretofore been an attempt to incorporate a port authority under the provisions of this chapter, and the incorporation of such authority was approved by the Director of State Docks and a certificate of incorporation with respect to such authority has been filed in the offices of the judge of probate of the county in which such authority was sought to be incorporated, but the attempted incorporation is invalid because of some irregularity in the procedure followed, the attempted incorporation of such port authority with respect to which such certificate of incorporation has been filed shall be and hereby is validated ab initio, notwithstanding any irregularity in the procedure for the incorporation of such port authority including, without limiting the generality of the foregoing, (1) the failure of the State Docks Advisory Committee to take any action or to adopt any resolution with...
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41-10-20
Section 41-10-20 Definitions. When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) AUTHORITY. The public corporation organized pursuant to the provisions of this article. (2) BOARD OF DIRECTORS. The board of directors of the authority. (3) BONDS. The bonds issued under the provisions of this article. (4) GRANTEE. A county, municipality or local industrial development board organized as a public corporation in this state, or an airport authority organized as a public corporation in this state pursuant to Chapter 3 of Title 4, or whether created by general, special or local laws, or general acts of local application, if such authority governs an airport operated by a county and at least one municipality therein jointly, to which a grant of money is made as provided in Section 41-10-26. (5) INDUSTRIAL SITES. Land owned by a grantee or potential grantee on which industrial facilities have been or...
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45-25-92.04
Section 45-25-92.04 Industrial Development Authority - Powers. The authority or its agents or employees may do the following: (1) Investigate, study, and engage in basic research relative to the natural resources of land, water, minerals, and people in the county and apply its findings in efforts to promote a sound and balanced agricultural, industrial, and economic development of the county. (2) Cooperate with municipal, regional, state, or federal planning or other industrial development authorities. (3) Publicize and advertise the industrial, commercial, and agricultural resources and opportunities in the county. (4) Collect, compile, and distribute literature concerning the facilities, advantages, and attractions of the county, the educational, historic, recreational, and scenic places of interest within the county, and the air, water, and highway transportation facilities. (5) Contract with other agencies, individuals, or corporations to promote the purposes of this part, and...
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