16-13-94
Section 16-13-94 Maturity; payment generally. Capital outlay warrants issued hereunder shall
be payable within the period of usefulness of the improvement or property for which the warrants
are issued as estimated by the county or city board of education, which estimate shall be
conclusive. In no event shall any warrant issued hereunder be made payable on or after the
first of October upon which the special tax pledged for the payment of the warrants last becomes
due and payable. All warrants issued hereunder shall be made payable in substantially equal
annual instalments of principal and interest beginning in the next fiscal year after their
date; provided, that if other warrants issued hereunder or any other law shall be then outstanding
constituting a preferred claim against the same tax, all or any part of the maturities of
such outstanding warrants may be taken together with the maturities of the new warrants to
provide substantially equal instalments of principal and interest;...
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40-7-98
Section 40-7-98 Payment of pro rata shares of principal of and interest on warrants. The principal
of and interest on the warrants issued under the provisions of this division are hereby declared
to be lawful costs of the equalization program referred to in Division 1 of this article and
to be lawful and necessary governmental costs of the assessment and collection of ad valorem
taxes levied in the county issuing said warrants required by law to be paid as part of the
current governmental operating expenses of each tax recipient body receiving proceeds from
ad valorem taxation in said county. The principal and interest shall be paid pro rata by each
such tax recipient of such county and by the State of Alabama in the proportions which the
amount of ad valorem tax received by each tax recipient body, including the State of Alabama,
bears to the total amount of ad valorem tax received by all. For that purpose, the tax collector
of each county issuing warrants under this division is...
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11-50-348
Section 11-50-348 Liability upon revenue bonds, etc.; payment of bonds and expenses. Revenue
bonds issued under the provisions of this article shall not be deemed to constitute a debt
of the city or a pledge of the faith and credit of the city, but such bonds shall be payable
solely from the funds provided therefor from revenues. All such revenue bonds shall contain
on the face thereof a statement to the effect that neither the city nor the board shall be
obligated to pay the same or the interest thereon except from revenues of the water system
or sewer system in connection with which they are issued and that neither the faith and credit
nor the taxing power of the city is pledged to the payment of the principal of or the interest
on such bonds. All expenses incurred in carrying out the provisions of this article shall
be payable solely from funds provided under the authority of this article, and no liability
or obligation shall be incurred by the board under this article beyond the...
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11-60-11
Section 11-60-11 Bonds - Security for payment of principal or interest; remedies upon default.
The principal of and interest on any bonds issued by the corporation shall be secured by a
pledge of the revenues and receipts out of which the same shall be made payable and may be
secured by mortgage or deed of trust covering all or any part of the projects from which the
revenues or receipts so pledged may be derived, including any enlargements of and additions
to any such projects thereafter made. The resolution under which the bonds are authorized
to be issued and any such mortgage or deed of trust may contain any agreements and provisions
respecting the maintenance of the projects covered thereby, the fixing and collection of fees,
rates, tolls and charges for the services, facilities and accommodations furnished by the
corporation and of the rents for any portions thereof leased by the corporation to others,
the creation and maintenance of special funds from such revenues and the...
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23-2-149
Section 23-2-149 Trust agreements securing bond issues; authorized provisions protecting holders;
pledge of revenues. In the discretion of the authority, any bonds issued under the provisions
of this article may be secured by a trust agreement by and between the authority and a corporate
trustee, which may be any trust company, or bank having the powers of a trust company, within
or without the state. The trust agreement or the resolution providing for the issuance of
such bonds subject to the provisions of Section 23-2-147, may pledge or assign tolls or other
revenues to which the authority's right then exists or which may thereafter come into existence,
and the moneys derived therefrom, and the proceeds of such bonds; provided, however, that
the trust agreement or resolution shall not convey or mortgage any toll road, bridge or tunnel
project or any part thereof. Such trust agreement or resolution providing for the issuance
of bonds may contain such provisions for protecting and...
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16-13-212
Section 16-13-212 Notes not general obligation; board may pledge tax proceeds. The principal
of and interest on such notes shall not be general obligations of the board of education issuing
said notes but shall be payable from the principal proceeds from the sale of the warrants
with respect to which such notes are issued and, to the extent necessary, from the tax proceeds
which the issuing board of education may pledge to the payment of such warrants. Any board
of education may secure payment of the principal of and interest on the notes by a pledge
of so much as may be necessary therefor of such tax proceeds. (Acts 1979, No. 79-823, p. 1538,
§3.)...
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16-13-300
Section 16-13-300 Legislative intent; construction. (a) It is the intention of the Legislature
by the adoption of this article to authorize each county board of education and each city
board of education in the State of Alabama to issue and sell, at public or private sale, upon
the prior written approval of the State Superintendent of Education, warrants payable from,
and secured by a pledge of, revenues of such board which are lawfully available and are designated
by the board therefor, for educational and public school purposes, including, without limitation,
payment of the costs of public school facilities and the refunding of valid indebtedness of
such board, regardless of whether such indebtedness was incurred under this article or under
other provisions of law and regardless of whether such indebtedness is a direct or indirect
obligation of such board and to authorize counties and municipalities to provide financial
and other assistance to boards of education within the...
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16-13-305
Section 16-13-305 Approval of issue. (a) A board shall obtain the prior written approval of
the State Superintendent for the issuance of any warrants under this article. Before entering
into any agreement or contract for the issuance and sale, and before the issuance and sale,
of any warrants under this article, the board by which such warrants are proposed to be issued
shall cause an application for approval of such warrants to be filed with the State Superintendent.
Such application shall be in such form and shall contain such information as the State Superintendent
may prescribe, and the State Superintendent may require such further information he or she
may deem necessary relating to the proposed warrants or other financial or educational matters
under the control of such board. The State Superintendent shall not approve the issuance of
any warrants hereunder (i) if it would jeopardize the state's Foundation Program of education,
as prescribed by law and the rules and regulations...
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22-27-23
Section 22-27-23 Special pledges for payment of principal and interest on warrants. (a) The
county commission of the county issuing any such warrants may, in its discretion, assign and
specially pledge, for the payment of the principal of and interest on such warrants, so much
as may be necessary for said payment of any one or more of the following, or any part thereof:
(1) The proceeds from the general annual ad valorem tax of one half of one percent which the
county is authorized to levy without reference to the purpose thereof under the provisions
of Section 215 of the Constitution of Alabama of 1901; (2) The proceeds from any other tax,
including any ad valorem tax and any privilege, license or excise tax, that at the time of
the issuance of the said warrants may lawfully be used by the county for payment of such principal
and interest; and (3) The revenues derived by the county from any solid wastes collection
and disposal facilities owned, controlled, used or operated by the...
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11-22-9
Section 11-22-9 Bond issues - Funds for payment; execution; form; redemption; sale; refunding;
negotiable instruments. (a) All bonds issued by the corporation shall be payable solely out
of the revenues and receipts derived from the operation, leasing or sale by the corporation
of its projects or of any thereof as may be designated in the proceedings of the board of
directors under which the bonds shall be authorized to be issued. (b) Such bonds may be executed
and delivered by the corporation at any time and from time to time, may be in such form and
denominations and of such tenor and maturities, may be in registered or bearer form either
as to principal or interest or both, may be payable at such time or times not exceeding 40
years from the date thereof, may be payable at such place or places whether within or without
the State of Alabama, may bear interest at such rate or rates payable at such time or times
and at such place or places and evidenced in such manner, may be executed...
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