4-3-47
Section 4-3-47 Powers of authority generally. 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
in perpetuity) specified in its certificate of incorporation; (2) To sue and be sued in its
own name in civil actions, excepting actions in tort against the authority; (3) To adopt and
make use of a corporate seal and to alter the same at pleasure; (4) To adopt and alter bylaws
for the regulation and conduct of its affairs and business; (5) To acquire, receive, take
and hold, whether by purchase, option to purchase, gift, lease, devise or otherwise, property
of every description, whether real, personal or mixed, whether in one or more counties and
whether within or without the corporate limits of any authorizing subdivision, and to manage
said property and to develop any property and to sell, exchange, lease or...
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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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11-50A-31
Section 11-50A-31 Effectiveness of pledges and security interests. Any pledge or security interest
created or granted by the authority shall be valid and binding from the time when the same
is made; moneys or property which are the subject of such pledge or security interest and
then held or thereafter received by the authority shall immediately be subject to such pledge
or security interest without any physical delivery thereof or further act; and such pledge
or security interest shall be valid and binding as against all parties having claims of any
kind in tort, contract or otherwise against the authority, irrespective of whether or not
such parties have notice thereof. Neither the bond resolution, trust agreement or indenture
nor any other instrument relating to bonds, bond anticipation notes or notes or otherwise
creating or granting any such pledge or security interest need be filed or recorded in any
office other than with the records of the authority. (Acts 1981, No. 81-681, p....
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14-2-31
Section 14-2-31 Special funds. In the resolution or proceedings authorizing the issuance of
any bonds, any temporary loans or in any indenture of trust, the authority may provide for
the establishment of one or more special funds for the payment of the principal of, or interest
on, the bonds, certificates or notes, one or more reserve funds therefor and a fund, or funds,
for the payment of insurance premiums or other expenses with respect to the ownership and
leasing of the facilities or for the expense of selling and leasing the Kilby property. Any
such special funds shall be held as trust funds by the State Treasurer separate and apart
from all other moneys. The State Treasurer is authorized and directed to pay, solely from
the special fund, or funds, provided therefor, the principal of and interest on all bonds
issued under this chapter as such principal and interest respectively mature and come due
and the redemption price of any bonds called prior to maturity. He shall establish...
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23-2-152
Section 23-2-152 Bondholder's and trustee's rights of enforcement; scope of rights. Any holder
of bonds issued under the provisions of this article, or of any of the coupons appertaining
thereto, and the trustee under any trust agreement, except to the extent that the rights herein
given may be restricted by such trust agreement, may, by civil action or proceeding protect
and enforce any and all rights under the laws of this state, or granted hereunder, or under
the trust agreement or the resolution authorizing the issuance of bonds and may enforce and
compel the performance of all duties required by this article or by the trust agreement or
resolution to be performed by the authority or by any officer thereof, including the fixing,
charging and collecting of tolls. (Acts 1980, No. 80-691, p. 1377, §12.)...
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39-7-25
Section 39-7-25 Rights and remedies of bondholders. In addition to all other rights and all
other remedies any holder or holders of any bond or bonds of any authority incorporated under
this chapter, including a trustee for bondholders, shall have, subject to any contractual
limitations binding upon such bondholder or holders or trustee, and subject to the prior or
superior rights of others the following rights: (1) To institute a civil action on the bonds;
(2) To enforce his rights by mandamus or other civil action or proceeding against such authority
and the board of trustees of such authority, including the right to require such authority
and such board of trustees to fix and collect rates and charges adequate to carry out any
agreement as to or pledge of the revenues produced by such rates or charges and to require
such authority and such board to carry out any other covenants and agreements with such bondholder
and to perform its and their duties under this chapter; (3) To require...
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41-10-102
Section 41-10-102 Remedies upon default on bonds, etc. (a) Remedies upon default on bonds or
indenture. If there shall be any default in the payment of the principal of or interest on
any of the bonds issued under this article, or in the performance of any provisions of the
indenture or proceedings authorizing the issuance of such bonds, then the holder of any of
the bonds and the interest coupons applicable thereto and the trustee under such indenture
or any one or more of them shall have and may exercise any one or more of the following remedies:
(1) They may by civil action, mandamus, injunction or other proceeding compel the performance
of all duties of the officers and directors of the corporation with respect to the use of
funds for the payment of the bonds and for the performance of the bonds and the agreements
of the corporation contained in the bonds, the indenture or in the proceedings under which
they were issued; (2) They may institute a civil action and shall be entitled...
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11-50A-23
Section 11-50A-23 Trust funds. All funds received by the authority pursuant to this chapter,
whether as proceeds from the sale of bonds, bond anticipation notes or notes or as revenues,
fees, tolls, or other charges, or as gifts, grants, or other contributions, shall be deemed
to be trust funds to be held and applied solely as provided in this chapter or in any bond
resolution, trust agreement or indenture authorized herein. (Acts 1981, No. 81-681, p. 1114,
§23.)...
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22-21-141
Section 22-21-141 Bonds - Revenue. The authority is empowered, at any time and from time to
time, to sell and issue its revenue bonds for the purpose of providing funds to acquire, construct,
improve, enlarge, complete and equip one or more projects and for payment of obligations incurred
for any such purpose. The principal of, and interest on, any such bonds shall be payable solely
out of the revenues derived by the authority from any one or more of its projects, all as
shall be provided by the resolution of the board or the indenture whereunder such bonds are
authorized to be issued. Any bonds of the authority may be delivered by it at any time and
from time to time, shall be in such form and denominations and of such tenor and maturities,
shall bear such rate or rates of interest (without regard to any usury or other laws regulating
or limiting interest rates, including without limitation, the provisions of Section 8-8-1,
as amended, all of which shall be inapplicable to any bonds...
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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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