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45-28A-42.59
Section 45-28A-42.59 Insufficient funding. If at any time there shall not be sufficient money
in the policemen's and firemen's retirement fund to pay each person entitled to the benefit
thereof, the full amount per month as herein provided or any time the principal of the fund
reaches an amount of seven hundred thousand dollars ($700,000) or less, then an equal percentage
of such monthly payment or payments shall be made to each beneficiary until the fund shall
be replenished to warrant the payment in full to each of the beneficiaries; provided that
the provisions of this section concerning prorated payments shall not be interpreted to include
those members drawing survivors' benefits and those members of the fund who are 100 percent
disabled and have no other personal income except those benefits derived from this subpart.
The board of trustees, or insurance custodian as provided for in this subpart, is authorized
to take such action as it deems necessary periodically to determine the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-28A-42.59.htm - 1K - Match Info - Similar pages
19-3-120.1
Section 19-3-120.1 Investments in common trusts, collective investment funds, and interests
of investment companies and trusts. In addition to the investments authorized by Section 19-3-120,
by any other provision of law for the investment of funds held by a trustee, executor, administrator,
guardian, conservator or other fiduciary, or by the will, trust agreement or other document
which is the source of authority, such fiduciary, other than a trustee governed by Chapter
3B, may invest in and hold (1) interests, however evidenced, in any common trust fund or other
collective investment fund maintained by any national or state chartered bank, trust company
or savings and loan association having trust powers, or (2) securities of or other interests
in any open-end or closed-end management type investment company or investment trust registered
under the Investment Company Act of 1940, as from time to time amended, so long as the portfolio
of such common trust fund, collective investment...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-120.1.htm - 2K - Match Info - Similar pages
19-3A-105
Section 19-3A-105 Express unitrusts. Except to the extent otherwise provided in the governing
instrument, the following provisions shall apply to a trust which by its governing instrument
requires distribution of a unitrust amount (whether payable in a single sum or in installments),
such trust to be referred to as an "express unitrust": (1) The income and net income
of an express unitrust is the unitrust amount, but only if the unitrust amount is not less
than three percent and not more than five percent of the net fair market value of the trust
assets. If the unitrust amount is more than five percent of the net fair market value of the
trust assets, the income and net income shall be five percent of the net fair market value
of the trust assets, and the excess over five percent shall be considered to be principal
of the trust. (2) Expenses which would be deducted from income if the trust were not an express
unitrust shall not be deducted from the unitrust amount. (3) The trustee,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-105.htm - 2K - Match Info - Similar pages
2-6-117
Section 2-6-117 Disposition of refunding bond proceeds. (a) The proceeds of refunding bonds
shall be applied, together with any other moneys legally available, to the payment of the
expenses authorized by this article and to the payment of the principal of, premium, if any,
and interest due and to become due on any outstanding bonds to be refunded. The expenses authorized
by this article shall include, in addition to other expenses authorized by this article, all
expenses that the board of directors may deem necessary or advantageous in connection with
the sale and issuance of refunding bonds, including, without limitation, the expenses of selling
and issuing such refunding bonds, including any discount reflected in the purchase price paid
to the corporation, fees and disbursements of attorneys, accountants, fiscal agents, financial
advisors, and other consultants, fees and disbursements of trustees, escrow agents, registrars,
paying agents, transfer agents, depositories for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-6-117.htm - 3K - Match Info - Similar pages
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-654.htm - 2K - Match Info - Similar pages
41-10-674
Section 41-10-674 Authorization to issue bonds. (a) General. 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 one hundred three million seven hundred sixty thousand dollars ($103,760,000) in
order to provide the funds to pay project costs, ancillary costs and training costs. In addition,
proceeds of the bonds in an amount up to four million six hundred fifty-five thousand dollars
($4,655,000) shall be used to pay the cost of reconstructing and improving the flood levee
located in Elba, Alabama and proceeds in an amount up to five million eight hundred ten thousand
dollars ($5,810,000) shall be used to pay the cost of reconstructing and improving the flood
levee located in Geneva, Alabama. Of the proceeds of the bonds an amount up to seven hundred
sixty thousand dollars ($760,000) shall be allocated for the acquisition of high technology
and audio-visual equipment for an advanced aerospace training...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-674.htm - 3K - Match Info - Similar pages
7-4A-205
Section 7-4A-205 Erroneous payment orders. (a) If an accepted payment order was transmitted
pursuant to a security procedure for the detection of error and the payment order (i) erroneously
instructed payment to a beneficiary not intended by the sender, (ii) erroneously instructed
payment in an amount greater than the amount intended by the sender, or (iii) was an erroneously
transmitted duplicate of a payment order previously sent by the sender, the following rules
apply: (1) If the sender proves that the sender or a person acting on behalf of the sender
pursuant to Section 7-4A-206 complied with the security procedure and that the error would
have been detected if the receiving bank had also complied, the sender is not obliged to pay
the order to the extent stated in paragraphs (2) and (3). (2) If the funds transfer is completed
on the basis of an erroneous payment order described in clause (i) or (iii) of subsection
(a), the sender is not obliged to pay the order and the receiving...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-4A-205.htm - 2K - Match Info - Similar pages
19-3-11
Section 19-3-11 Powers of fiduciaries regarding environmental laws affecting property held
by fiduciary. (a) In addition to powers, remedies and rights which may be set forth in any
will, trust agreement or other document which is the source of authority, a trustee, executor,
administrator, guardian, or one acting in any other fiduciary capacity, whether an individual,
corporation or other entity ("fiduciary") shall have the following powers, rights
and remedies whether or not set forth in the will, trust agreement or other document which
is the source of authority: (1) To inspect, investigate or cause to be inspected and investigated,
property held by the fiduciary, including interests in sole proprietorships, partnerships,
or corporations and any assets owned by any such business enterprise, for the purpose of determining
compliance with environmental law affecting such property and to respond to any actual or
potential violation of any environmental law affecting property held by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3-11.htm - 4K - Match Info - Similar pages
2-3A-55
Section 2-3A-55 Refunding bonds. Pursuant to the provisions of Amendment 619 and this article,
the authority may, at any time and from time to time, issue for the state refunding bonds
of the state for the purpose of refunding any or all of the bonds authorized by the aforesaid
amendment then outstanding (including any refunding bonds that may have been previously issued),
whether such refunding shall occur before, at or after the maturity of the bonds to be refunded.
In the discretion of the authority, refunding bonds may be issued in exchange for such outstanding
bonds or they may be sold and the proceeds thereof applied to the purchase, redemption or
payment of such outstanding bonds. Refunding bonds to be issued in exchange for such outstanding
bonds shall not be issued in a principal amount greater than the principal amount of the bonds
to be refunded. Refunding bonds to be sold pursuant hereto may be issued in such principal
amount or amounts as shall be determined by said...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/2-3A-55.htm - 5K - Match Info - Similar pages
24-11-8
Section 24-11-8 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Penalty for Withdrawal
for Purpose Other Than Eligible Costs. Except as otherwise provided in this section, if the
account holder withdraws any funds from a first-time and second chance home buyer savings
account for a purpose other than eligible costs for the purchase of a single-family residence
in this state, the following shall apply: (1) The entire balance of the fund, including interest
and other income on principal, shall be included in the account holder's taxable income for
the tax year in which the withdrawal was made. (2) The account holder shall pay a penalty
to the Department of Revenue equal to 10 percent of the amount withdrawn. The penalty shall
not apply to funds withdrawn from an account which were: a. Withdrawn by reason of the account
holder's death or disability or due to unemployment after the account...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-11-8.htm - 2K - Match Info - Similar pages
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