22-3A-11
Section 22-3A-11 Sale of bonds. Bonds of the authority (including refunding bonds) may be sold
at such price(s) and at such time(s) as the directors may consider advantageous, either at
public sale through competitive bidding or by private sale through negotiation with the prospective
purchaser. The authority may fix the terms and conditions under which each sale of bonds may
be held. The authority may pay out of the proceeds from the sale of the bonds all expenses,
including, but not limited to, fees, premiums, discounts, insurance premiums and commissions
and letters of credit or other credit enhancement fees, as the directors may deem necessary
or advantageous. Neither a public hearing nor consent by the State Department of Finance or
any other department or agency shall be a prerequisite to the issuance of any of the bonds.
All bonds issued by the authority shall contain a recital that they are issued pursuant to
the provisions of this chapter, which recital shall be conclusive...
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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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11-61A-13
Section 11-61A-13 Bonds. (a) The authority may issue and sell its interest-bearing revenue
bonds for any corporate purpose at any time or times. The principal of and the interest on
the bonds shall be payable solely from, and may be secured by a pledge of, the revenues derived
by the authority from the operation of any or all of its parking facilities and other property,
or by mortgage of any property of the authority. The bonds issued or contracts entered by
the authority shall not constitute or create an obligation, debt, or charge against the credit
or taxing power of the state, any county, or municipality within the state. (b) The board
may provide for each of the following regarding the bonds: (1) Issuance time or times. (2)
Form and denominations. (3) Tenor. (4) Payment installments, which shall be at a time or times
not exceeding 40 years from their date. (5) Place or places of payment, whether within or
without the state. (6) Interest rate or rates payable and evidenced in a...
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11-85-107
Section 11-85-107 Bonds - Authentication; redemption; sale; refunding; use of proceeds; security;
investment of funds. The bonds of the authority shall be signed by its president and attested
by its secretary and the seal of the authority shall be affixed thereto or a facsimile of
such seal shall be printed or otherwise reproduced thereon; provided, that a facsimile of
the signature of one, but not both, of said officers may be printed or otherwise reproduced
on any such bonds in lieu of being manually subscribed thereon and a facsimile of the signatures
of both of the officers may be printed or otherwise reproduced on such bonds in lieu of being
manually affixed thereof if the authority, in its proceedings with respect to issuance of
the bonds, provides for manual authentication of such bonds. The State Treasurer shall be
registrar, transfer agent, and paying agent for the bonds. The State Treasurer may designate
named individuals who are employees of the state and who are assigned to...
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37-13-11
Section 37-13-11 Bonds of authority - Generally. Each authority shall have the power and is
hereby authorized at any time and from time to time to issue and sell its revenue bonds for
any of its corporate purposes. The principal of and the interest on all such bonds shall be
payable solely from, and may be secured by a pledge of, the revenues derived by the authority
from the operation, leasing or sale of any or all of its railroad properties and facilities,
and other property. No bonds issued or contracts entered into by the authority shall ever
constitute or create an obligation or debt of the state, or of any county, city or town within
the state, or a charge against the credit or taxing powers of the state, or of any county,
city or town within the state. Bonds of the authority may be issued by any time and from time
to time, may be in such form, either in bearer form with appurtenant coupons (and subject
to registration as to principal or interest, or both, all as the board may...
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4-3-14
Section 4-3-14 Issuance and sale of bonds by authority; form, denominations, terms, etc., of
bonds. The authority shall have the power and is hereby authorized at any time and from time
to time to issue and sell its interest-bearing revenue bonds for any of its corporate purposes.
The principal of and the interest on all such bonds shall be payable solely from, and may
be secured by a pledge of, the revenues derived by the authority from the operation of any
or all of its airports, heliports, facilities and other property. None of the bonds issued
or contracts entered into by the authority shall ever constitute or create an obligation or
debt of the state or of any county, city or town within the state, or a charge against the
credit or taxing powers of the state or of any county, city or town within the state. Bonds
of the authority may be issued at any time and from time to time, may be in such form and
denominations, may be of such tenor, may be payable in such installments and at...
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41-10-621
Section 41-10-621 Legislative findings and purpose. (a) The Legislature finds and declares
the following: (1) The State of Alabama has a great need from time to time to have access
to financing for economic development and industrial recruitment that does not involve improvements
to revenue-producing facilities. (2) It is desirable and in the public interest to establish
a state-level authority with the power to issue bonds for such general purposes. (3) The Alabama
Supreme Court has held, in effect, that only when the debt of a public corporation is payable
out of a new revenue source will such debt not be considered a debt of the state in contravention
of Section 213 of the Constitution of Alabama of 1901; the State of Alabama expects to receive
in the near future new revenues from the settlement of certain litigation between the state
and the tobacco industry. (4) By the passage of this division, it is the intention of the
Legislature to: a. Provide for the creation of a special...
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45-38-141.16
Section 45-38-141.16 Notice requirements, etc.; regulatory control and supervision. (a) Except
as expressly otherwise provided in this part, no proceeding, notice, or approval shall be
required for the incorporation of the authority or the amendment of its certificate of incorporation,
the acquisition of any property, water system, or fire protection facility, or the issuance
of any mortgage and deed of trust or trust indenture. (b) The authority, every water system
or fire protection facility owned by the authority or leased or subleased to a county, and
the rates and charges thereof shall be exempt from all jurisdiction of and all regulation
and supervision by the Alabama Public Service Commission and neither a public hearing nor
the consent of the State Department of Finance shall be prerequisite to any transaction between
or with the authority and the county or between the authority or the county and any vendor,
vendee, lessor, or lessee to or from the authority. (Act 89-472, p....
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11-50A-13
Section 11-50A-13 Immunity from liability; credit not pledged. (a) Neither the members of the
election committee, the members of the board nor any individual executing bonds, bond anticipation
notes or notes on behalf of the authority shall be personally liable thereon by reason of
the issuance thereof. (b) Neither the bonds, bond anticipation notes nor notes issued under
provisions of this chapter nor the instruments evidencing the obligations which constitute
the security therefor shall constitute a debt or a loan or pledge of the full faith and credit
of the state or of any municipality, but all bonds, bond anticipation notes and notes shall
be payable solely from the sources described in Section 11-50A-19 as provided in the resolutions
or trust agreements or indentures authorizing or securing the issuance and payment of the
bonds, bond anticipation notes or notes, as the case may be. The issuance of bonds, bond anticipation
notes or notes shall not obligate the state or any...
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33-15-12
Section 33-15-12 Exemption from taxation, etc. The authority, its income, the property of the
authority while owned by it, all bonds issued by the authority, the income from such bonds,
conveyances by or to the authority and leases, mortgages and deeds of trust by or to the authority
shall be exempt from all taxation in the State of Alabama. The authority shall not be obligated
to pay or allow any fees, taxes or costs to the judge of probate of any county in respect
of its incorporation, the amendment of its certificate of incorporation or the recording of
any document. No license or excise tax may be imposed on the authority in respect to the privilege
of engaging in any of the activities authorized by this chapter. (Acts 1965, No. 584, p. 1080,
§12.)...
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