|
11-89A-10
Section 11-89A-10 Security for payment of bonds; contracts and agreements to secure.
(a) Any bonds issued by the authority shall be revenue bonds and shall be payable solely out
of such revenues of the authority as may be designated in the proceedings of the board under
which they shall be authorized to be issued. Any such proceedings may provide that the bonds
therein authorized shall be payable solely out of the revenues derived from the operation
of any facility or facilities owned by the authority, regardless of the fact that those bonds
may have been issued with respect to or for the benefit of a certain facility or facilities
of the authority. (b) As security for payment of the principal and interest on any bonds issued
or assumed by it, any authority may enter into a contract or contracts, and adopt resolutions
or other proceedings containing provisions constituting a part of the contract or contracts
with the holders of such bonds, pertaining to, among other things, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-89A-10.htm - 5K - Match Info - Similar pages
11-92C-9
Section 11-92C-9 Bonds of authority. (a) Source of payment. All bonds issued by an authority
shall be payable solely out of the revenues and receipts derived from the leasing or sale
by the board of its projects, or from any other source as may be designated in the proceedings
of the board under which the bonds are authorized to be issued. (b) Pledge of revenues, receipts,
and other security. The principal and interest on any bonds issued by an authority shall be
secured by a pledge of the revenues and receipts out of which the principal and interest may
be payable and may be secured by a mortgage and deed of trust or trust indenture conveying
as security for the bonds all or any part of the property of the authority from which the
revenues or receipts so pledged may be derived. (c) Resolutions. The resolution under which
the bonds of an authority are authorized to be issued and any mortgage and deed of trust or
trust indenture may contain any agreements and provisions respecting the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92C-9.htm - 7K - Match Info - Similar pages
22-21-130
Section 22-21-130 Definitions. For the purposes of this article, unless otherwise indicated,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) AUTHORITY. A corporation organized pursuant to the provisions of this article. (2) BOARD.
The board of directors of the authority. (3) BOND. Any bond issued under the provisions of
this article, including refunding bonds. (4) COUNTY. That county in which the certificate
of incorporation of the authority shall be filed for record. (5) COUPON. Any interest coupon
evidencing an installment of interest payable with respect to a bond. (6) FISCAL YEAR. A fiscal
year of the municipality. (7) GOVERNING BODY. The council, board of commissioners or other
like body in which the legislative functions of the municipality are vested by law. (8) INDENTURE.
A mortgage, an indenture of mortgage, deed of trust or trust indenture executed by the authority
as security for any bonds. (9) LEASE AGREEMENT. Any agreement of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-130.htm - 2K - Match Info - Similar pages
11-50A-9
Section 11-50A-9 Issuance of bonds; prerequisites; procedure; provisions; execution;
bond resolution covenants. (a) The authority shall, prior to the adoption by the board of
a resolution authorizing the issuance of any bonds, enter into one or more contracts with
two or more municipalities which are authorized to contract with the authority pursuant to
Section 11-50A-17. Any resolution of the board authorizing the issuance of bonds may
authorize those bonds to be issued in more than one series, and the issuance of each series
of bonds so authorized by that resolution need not be preceded by the entering into by the
authority of additional contracts pursuant to Section 11-50A-17. (b) The board may
by resolution or resolutions authorize the issuance of bonds. Unless otherwise provided therein,
the resolution or resolutions shall take effect immediately and need not be published or posted.
The board may authorize such types of bonds as it may determine, subject only to any agreement
with...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-9.htm - 8K - Match Info - Similar pages
24-1A-6
Section 24-1A-6 Bonds. (a) General. The authority may from time to time issue its negotiable
bonds in such principal amounts as, in the opinion of the authority, shall be necessary to
provide sufficient funds for achieving the corporate purposes thereof, the payment of interest
on bonds of the authority, establishment of reserves to secure such bonds and all other expenditures
of the authority incident to, and necessary or convenient to, carrying out its corporate purposes
and powers. (b) Sources of Payment. Bonds issued by the authority shall be payable solely
out of revenues or property of the authority specified in the resolutions authorizing the
issuance of such bonds. To the extent permitted by any contracts with the holders of outstanding
bonds and any other contractual obligations or requirements, the authority may pledge any,
or all, of its revenues or mortgages or assign any, or all, of its assets (whether real or
personal and whether tangible or intangible) to secure the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1A-6.htm - 6K - Match Info - Similar pages
11-94-12
Section 11-94-12 Bonds of authority - Indenture; lien; remedies of bondholders. In the
discretion of its board, any bonds issued by an authority may be secured by an indenture between
an authority and a trustee, which may be any trust company or bank having trust powers, whether
such bank or trust company is located within or without the state. In any such indenture or
resolution providing for the issuance of bonds an authority may pledge, for payment of the
principal of and the interest on such bonds, any of its revenues to which its right then exists
or may thereafter come into existence and may assign, as security for such payment, any of
its leases, franchises, permits and contracts; and in any such indenture, an authority may
mortgage any of its properties, including any that may be thereafter acquired by it, and may
provide that in the event of a default in payment of the bonds secured thereby or in the event
of default with respect to any agreement contained therein, such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-94-12.htm - 4K - Match Info - Similar pages
37-13-1
Section 37-13-1 Definitions. When used in this chapter, unless the context plainly indicates
otherwise, the present tense shall include the future tense, the singular shall include the
plural, the plural shall include the singular and the following words and phrases shall have
the meanings respectively ascribed to them by this section. (1) ADDITIONAL RAIL SERVICE
AREA. Any territory that is outside the boundaries or corporate limits, as the case may be,
of any of its authorizing subdivisions and that the governing body of the county, and of any
city or town, in which such territory is located has by resolution designated as an area in
which the authority may render rail transportation service. (2) AUTHORITY. Any public corporation
organized pursuant to this chapter or any law amendatory thereof or supplemental thereto.
(3) AUTHORIZING SUBDIVISION. Any county, city, or town in this state in which there are located
railroad properties and facilities and whose governing body receives an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-13-1.htm - 3K - Match Info - Similar pages
41-10-44.6
Section 41-10-44.6 Project obligations generally. (a) Issuance of project obligations.
The authority is authorized and empowered to issue its project obligations from time to time
for the purpose of financing one or more projects in such aggregate principal amount as the
board of directors shall determine to be necessary to provide for all or a portion of the
project costs of the project or projects being financed and to pay the expenses of issuing
the project obligations. (b) Source of payment. All project obligations issued by the authority
shall be limited obligations of the authority payable solely from any combination of the following:
(1) The revenues and receipts of the authority derived from the financing agreement or agreements
entered into by the authority with respect to the project or projects financed by such project
obligations; (2) the income or proceeds realized by the authority under any mortgage or other
security granted to the authority; (3) amounts derived from any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-44.6.htm - 7K - Match Info - Similar pages
11-50A-18
Section 11-50A-18 Revenues of authority; rates; assignment to trustee; use of revenues.
(a) For the purpose of earning sufficient revenues to make possible the payment of all ownership
costs of the authority relating to any project, the authority is authorized, empowered and
directed to fix and revise rates and collect fees, tolls, and other charges with respect to
each project which it shall cause to be acquired or constructed. Such rates, fees, tolls,
and other charges to be paid for the output, capacity, use or service of each project and
other resources of the authority shall be so fixed and adjusted from time to time as to provide
funds at least sufficient with other revenues, if any, of the authority and of each of its
projects: (1) To pay the costs of operating, maintaining, leasing, repairing, and disposing
of projects, including reserves for insurance and extraordinary repairs, reserves for renewals
and replacements, reserves for fuel, reserves for working capital, reserves...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-18.htm - 4K - Match Info - Similar pages
41-10-356
Section 41-10-356 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 mental health facilities,
including the equipping and improvement of existing mental health 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 any...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-356.htm - 4K - Match Info - Similar pages
|