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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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41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from time
to time to sell and issue its bonds in limited amounts and for the purpose of promoting economic
development and industrial recruitment as specified by the Legislature from time to time by
separate act, provided that refunding bonds may be issued by the authority pursuant to Section
41-10-627 without first obtaining separate authorization from the Legislature. (b) Sources
of payment. Bonds issued by the authority shall be solely and exclusively an obligation of
the authority and shall not create an obligation or debt of the state. Such bonds shall not
be general obligations of the authority but shall be payable solely from one or more of the
following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority
under any mortgage or security granted to the authority. (3) Amounts derived from any letter
of credit, insurance policy, or other form of credit enhancement...
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45-39-250.04
Section 45-39-250.04 Debt limitation. No action taken pursuant to this part shall create or
authorize the incurrence of a debt by any municipality in Lauderdale County within the meaning
of any state constitutional provisions or statutory limitation on debts. (Act 99-646, 2nd
Sp. Sess., p. 87, §5.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-39-250.04.htm - 610 bytes - Match Info - Similar pages
16-16B-7
Section 16-16B-7 (Implementation Conditioned on Separate Legislative Enactment.) Bonds to be
payable solely out of the revenues appropriated; authorization for authority to pledge such
revenues for the bonds. The Bonds shall not be general obligations of the Authority but shall
be limited obligations payable solely out of the residues of the tax receipts appropriated
and pledged in Section 16-16B-6. All Bonds issued by the Authority pursuant to the provisions
of this chapter shall be solely and exclusively obligations of the Authority and shall not
constitute or create an obligation or debt of the State. As security for the payment of the
principal of, premium, if any, and interest on the Bonds, the Authority is hereby authorized
and empowered to pledge the residues of the tax receipts that are appropriated and pledged
in Section 16-16B-6 hereof for such purposes. All such pledges made by the Authority shall
take precedence in the order of the adoption of the resolutions containing the...
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22-34-17
Section 22-34-17 Obligations solely of authority. All bonds, notes and certificates issued
by the authority shall be solely and exclusively obligations of the authority, payable solely
from the revenues, income, fees or charges which may pursuant to the provisions of this chapter,
be pledged to the payment thereof, and no such bonds, notes or certificates shall create an
obligation or debt of the state. Provided, however, that an agreement by the authority to
make a loan to a public body for a project shall impose an obligation on the state to make
such loan from any funds which are then or may thereafter become available regardless of the
funding of the loan by the public body and subject only to any terms and conditions set forth
in such agreement. (Acts 1987, No. 87-226, p. 317, §19.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-34-17.htm - 1K - Match Info - Similar pages
41-10-755
Section 41-10-755 Bonds of the authority. (a) General. The authority is authorized from time
to time to sell and issue its bonds for the purpose of providing funds to be transferred to
and deposited in the Alabama Trust Fund and the Rainy Day Account, to provide additional funds
to the Alabama Medicaid Agency, for paying the costs of transportation projects, and for the
purpose of refunding any or all of the authority's outstanding bonds. (b) Sources of payment.
Bonds issued by the authority shall be solely and exclusively an obligation of the authority
and shall not create an obligation or debt of the state. Such bonds shall not be general obligations
of the authority but shall be payable solely from one or more of the following sources: (1)
Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage
or security granted to the authority. (3) Amounts derived from any letter of credit, insurance
policy, or other form of credit enhancement applicable to...
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11-54-143
Section 11-54-143 Bonds issued to finance projects. All bonds issued by a municipality under
authority of this article shall be limited obligations of the municipality the principal of
and interest on which shall be payable solely out of the revenues derived from the leasing
of the project to finance which the bonds are issued. Bonds and interest coupons issued under
authority of this article shall never constitute an indebtedness of the municipality within
the meaning of any state constitutional provision or statutory limitation, and shall never
constitute nor give rise to a pecuniary liability of the municipality or a charge against
its general credit or taxing powers, and such fact shall be plainly stated in the face of
each such bond. Such bonds may be executed and delivered at any time and from time to time,
may be in such form and denominations, may be of such tenor, may be in registered or bearer
form either as to principal or interest or both, may be payable in such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54-143.htm - 2K - Match Info - Similar pages
22-29-15
Section 22-29-15 Bonds, notes and certificates not debt of state. All bonds, notes and certificates
issued by the authority shall be solely and exclusively obligations of the authority, payable
solely from the revenues, income, fees, charges or rent, which may, pursuant to the provisions
of this chapter, be pledged to the payment thereof, and no such bonds, notes or certificates
shall create an obligation or debt of the state; provided, that an agreement by the authority
to make a grant to a local public body for a project shall impose an obligation on the state
to make such grant from any funds which are then or may thereafter become available regardless
of the funding of the grant by the local public body and subject only to any terms and conditions
set forth in such agreement. (Acts 1971, No. 42, p. 279, §21.)...
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23-7-18
Section 23-7-18 Liability for bonds. Bonds, other financial assistance, and other obligations
issued by the bank shall not constitute an obligation or debt of this state, or any of its
political subdivisions, but shall be limited obligations of the bank payable solely from the
revenue, money, or property of the bank pledged for such purpose as provided in this chapter.
Any bonds, other financial assistance, or other obligations of the bank issued do not constitute
an indebtedness of the state or any of its political subdivisions within the meaning of any
constitutional or statutory limitation, and neither the full faith and credit nor the taxing
power of the state, or any of its political subdivisions, is pledged to the payment thereof.
No member of the bank or any person executing bonds, other financial assistance, or other
obligations of the bank is liable personally thereon by reason of their issuance or execution.
Each bond, other financial assistance, and other obligation issued...
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41-10-654
Section 41-10-654 Bonds of the authority. (a) General authorization to issue bonds. The authority
is authorized from time to time to sell and issue the bonds in one or more series in an aggregate
principal amount of up to fifty million dollars ($50,000,000) in order to provide the funds
to pay project costs, ancillary costs, and training costs. (b) Source of payment. The bonds
authorized herein shall be solely and exclusively an obligation of the authority and shall
not create an obligation or debt of the state. Such bonds shall not be general obligations
of the authority but shall be payable solely from the pledged revenues. (c) Security for the
bonds. The principal of and interest on the bonds shall be secured by a pledge of the pledged
revenues and, if necessary and desirable in the authority's sole discretion, a mortgage on
any part of the project. The resolution under which the bonds are authorized by the authority
to be issued and any trust indenture or mortgage may contain any...
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