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41-10-425
Section 41-10-425 Powers of the authority. The authority shall have the following powers
among others specified in this article: (1) To have succession by its corporate names until
dissolved as provided in this article; (2) To institute or maintain legal proceedings in any
court of competent jurisdiction to enforce its contractual, statutory and other rights; (3)
To have and to use a corporate seal and to alter the same at pleasure; (4) To make and alter
all needful bylaws, rules and regulations for transaction of the authority's business and
the control of its property affairs; (5) The authority may, from time to time, borrow an amount
not to exceed $400,000.00, as may be needed, to acquire, hold title to real property, to prepare
and construct facilities and to sell, convey, lease, leaseback or rent and maintain that certain
property located in the City of Montgomery, Montgomery County, Alabama, which is owned by
and in the name and interest of the State of Alabama and the Real...
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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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41-10-497
Section 41-10-497 Powers generally. The authority shall have the following powers among
others specified in this article: (1) To have succession in its corporate name until the principal
of and interest on all bonds issued by it shall have been fully paid and until it shall have
been dissolved as provided herein; (2) To maintain actions and have actions maintained against
it and to prosecute and defend in any court having jurisdiction of the subject matter and
of the parties thereof; (3) To have and to use a corporate seal and to alter such seal at
pleasure; (4) To establish a fiscal year; (5) To acquire and hold title to real and personal
property and to sell, convey, mortgage or lease the same as provided in this article; (6)
To provide for the construction, reconstruction, alteration and improvement of facilities
and for the procurement of sites and equipment for such facilities and for the lease thereof;
(7) To lease facilities to the state, or any agency or instrumentality of the...
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41-10-267
Section 41-10-267 Powers of authority. The authority shall have the following powers
among others specified in this article: (1) To have succession by its corporate name until
dissolved as provided in this article; (2) To sue and be sued and to prosecute and defend,
at law or in equity, in any court having jurisdiction of the subject matter and of the parties
thereto; (3) To have and to use a corporate seal and to alter the same at pleasure; (4) To
make and alter all needful bylaws, rules and regulations for the transaction of the authority's
business and the control of its property and affairs; (5) To provide for the acquisition,
construction, installation, equipping, operation and maintenance of judicial facilities; (6)
To receive, take and hold by sale, gift, lease, devise or otherwise, real and personal property
of every description, and to manage the same; (7) To acquire by purchase, gift, or the exercise
of the power of eminent domain, or any other lawful means, and to transfer,...
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11-92C-23
Section 11-92C-23 Loans, sales, grants, guarantees, and contractual or lease obligations
of money or property. (a) For the purpose of securing services of or the right to use or the
use by its citizens or customers of one or more projects of an authority, a cooperative district
of which the authority is a member, or any private user, or aiding or cooperating with the
authority, a cooperative district of which the authority is a member, or any private user
in the planning, development, undertaking, acquisition, construction, extension, improvement,
financing, operation, or protection of a project, any county, municipality, or other political
subdivision, public corporation, agency, or instrumentality of this state, upon such terms
and with or without consideration, as it determines, may do all of the following: (1) Lend
or donate money to, guarantee all or any part of the indebtedness or operating expense of,
or perform services for the benefit of, the authority, a cooperative district...
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2-3A-7
Section 2-3A-7 Powers of authority; open meetings. (a) The authority shall have the
following powers, together with all powers incidental thereto or necessary to the discharge
thereof in corporate form: (1) To have succession by its corporate name for the duration of
time (which may be perpetuity, subject to the provisions of Section 2-3A-14) specified
in its certificate of incorporation; (2) To sue and be sued in its own name in civil 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, not inconsistent
with the provisions of this article, for the regulation and conduct of its affairs and business;
(5) To loan its funds to one or more persons to be used by such persons to pay the costs of
agricultural operations, such loans to be on such terms and conditions, and for such period
of time, and secured or evidenced by such mortgages, deeds of trust, notes, debentures,...
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41-10-36
Section 41-10-36 Definitions. Unless the context requires otherwise, the terms defined
in this section shall have the following meanings for purposes of this division: (1)
AFFECTED BOND. Any obligation or portion thereof which is required under the terms of the
code to receive an allocation of the state ceiling as a condition for the exclusion of interest
on such obligation from the gross income of the recipient thereof for federal income tax purposes.
(2) ALLOCATION. An allocation of a portion of the state ceiling issued by the authority pursuant
to the provisions of this division. (3) APPLICATION. An application for an allocation, submitted
by an issuer under the provisions of this division. (4) APPLICATION FOR CARRYFORWARD ALLOCATION.
Any application filed with the authority seeking an elective carryforward of unused limitation
for a "carryforward purpose" as defined in Section 146(f)(5) of the code.
(5) AUTHORITY. The State Industrial Development Authority, a public corporation of...
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41-10-456
Section 41-10-456 Powers of authority. The authority shall have the following powers
among others specified in this article: (1) to have succession by its corporate name until
dissolved as provided in this article; (2) to sue and be sued and to prosecute and defend,
at law or in equity, in any court having jurisdiction of the subject matter and of the parties
thereto; (3) to have and to use a corporate seal and to alter the same at pleasure; (4) to
make and alter all needful bylaws, rules and regulations for the transaction of the authority's
business and the control of its property and affairs; (5) to establish a fiscal year; (6)
to provide for the construction, renovation, reconstruction, improvement, alteration, addition,
demolition, equipment, operation and maintenance of public office building facilities (including
the State Capitol), surfacing and resurfacing of land for parking and other uses to produce
revenue and for the procurement of sites and equipment for such facilities;...
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35-12-71
Section 35-12-71 Definitions. As used in this article, unless the context otherwise
requires, the following terms shall have the meanings respectively ascribed to them by this
section: (1) APPARENT OWNER. A person whose name appears on the records of a holder
as the person entitled to property held, issued, or owing by the holder. (2) BUSINESS ASSOCIATION.
A corporation, joint stock company, investment company, partnership, unincorporated association,
joint venture, limited liability company, business trust, trust company, safe deposit company,
financial organization, insurance company, mutual fund, utility, or other business entity
consisting of one or more persons, whether or not for profit. (3) DOMICILE. The state of incorporation
of a corporation and the state of the principal place of business of a holder other than a
corporation. (4) FINANCIAL ORGANIZATION. A savings and loan association, building and loan
association, industrial loan organization, credit union, cooperative bank,...
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41-10-551
Section 41-10-551 Manner of ownership, operation, leasing, and disposition of facilities
financed by authority. No authority obligations shall be incurred with respect to any training
facility and no funds of the authority shall be applied to payment of training facility management
fees pursuant to Section 41-10-550 unless the following conditions are met: (1) Subject
to subdivisions (3), (4), and (5) of this subsection, in the case of any training facility
financed in whole or in part through the issuance of bonds of the authority, title to the
financed property shall be acquired in the name of, or transferred promptly after acquisition
to, the authority and the title shall remain in the authority. (2) Subject to subdivisions
(3), (4), and (5) of this subsection, in the case of any training facility financed in whole
or in part through the issuance of authority-guaranteed obligations, title to the financed
property shall be acquired in the name of, or transferred promptly after...
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