|
37-13-13
Section 37-13-13 Bonds of authority - Security. In the discretion of the authority any bonds
may be issued under and secured by an indenture between the authority and a trustee. Said
trustee may be a private person or corporation, including (but not limited to) any trust company
or bank having trust powers, whether such bank or trust company is located within or without
the state. In any such indenture or resolution providing for the issuance of bonds, the authority
may pledge, for payment of the principal of and the interest on such bonds, any of its revenues
to which its right then exists or may thereafter come into existence and may assign, as security
for such payment, any of its leases, franchises, permits and contracts; and in any such indenture,
the authority may mortgage any of its properties, including any that may be thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-13-13.htm - 4K - Match Info - Similar pages
4-3-17
Section 4-3-17 Security for bonds. In the discretion of the authority, any bonds may be issued
under and secured by an indenture between the authority and a trustee. Said trustee may be
a private person or corporation, including but not limited to any trust company or bank having
trust powers, whether such bank or trust company is located within or without the state. In
any such indenture or resolution providing for the issuance of bonds, the authority may pledge,
for payment of the principal of and the interest on such bonds, any of its revenues to which
its right then exists or may thereafter come into existence and may assign as security for
such payment, any of its leases, franchises, permits and contracts; and, in any such indenture
the authority may mortgage any of its properties, including any that may be thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received by the authority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/4-3-17.htm - 4K - Match Info - Similar pages
4-3-54
Section 4-3-54 Bonds - Security for payment of principal and interest. In the discretion of
the authority, any bonds may be issued under and secured by an indenture between the authority
and a trustee. Said trustee may be a private person or corporation, including, but not limited
to, any trust company or bank having trust powers, whether such bank or trust company is located
within or without the state. In any such indenture or resolution providing for the issuance
of bonds, the authority may pledge for payment of the principal of and the interest on such
bonds any of its revenues, rents, income or funds to which its right then exists or may thereafter
come into existence and may assign, as security for such payment, any of its leases, franchises,
permits and contracts and, in any such indenture, the authority may mortgage any of its properties,
including any that may be thereafter acquired by it. Any such pledge of revenues shall be
valid and binding from the time it is made, and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/4-3-54.htm - 4K - Match Info - Similar pages
45-37-123.22
Section 45-37-123.22 Powers and duties of the pension board. (a) The pension board shall be
responsible for the general administration and proper operation of the plan, and shall administer
the plan for the exclusive benefit of the members and their beneficiaries, subject to the
specific terms of the plan. The pension board shall administer the plan in accordance with
its terms and shall have the power and discretion to construe the terms of the plan and the
act and to determine all questions arising in connection with the administration, interpretation,
and application of the plan. Any such determination by the pension board shall be conclusive
and binding upon all persons. The pension board may establish procedures, correct any defect,
supply any information, or reconcile any inconsistency in such manner and to such extent as
shall be deemed necessary or advisable to carry out the purpose of the plan; provided, however,
that any procedure, discretionary act, interpretation, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37-123.22.htm - 5K - Match Info - Similar pages
45-37A-56.35
Section 45-37A-56.35 Security of bonds. In the discretion of the authority any bonds may be
issued under and secured by an indenture between the authority and a trustee. The trustee
may be a private person or corporation, including, but not limited to, any trust company or
bank having trust powers, whether such bank or trust company is located within or without
the state. In any such indenture or resolution providing for the issuance of bonds the authority
may pledge, for payment of the principal of and the interest on such bonds, any of its revenues
to which its right then exists or may thereafter come into existence and may assign, as security
for such payment, any of its leases, franchises, permits, and contracts; and in any such indenture
the authority may mortgage any of its properties, including any properties thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-56.35.htm - 4K - Match Info - Similar pages
19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section if
all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3A-106.htm - 13K - Match Info - Similar pages
19-3B-103
Section 19-3B-103 Definitions. In this chapter: (1) ACTION, with respect to an act of a trustee,
includes a failure to act. (2) ASCERTAINABLE STANDARD means a standard relating to an individual's
health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2007, or as later
amended. (3) BENEFICIARY means a person that: (A) has a present or future beneficial interest
in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a
power of appointment over trust property. (4) CHARITABLE TRUST means a trust, or portion of
a trust, created for a charitable purpose described in Section 19-3B-405(a). (5) CONSERVATOR
means a person appointed by the court to administer the estate of a minor or adult individual.
(6) ENVIRONMENTAL LAW means a federal, state, or local law, rule, regulation, or ordinance
relating to protection of the environment. (7) GUARDIAN means a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-103.htm - 5K - Match Info - Similar pages
19-3B-504
Section 19-3B-504 Discretionary trusts; effect of standard. (a) In this section, the terms
"child", "spouse", or "former spouse" include any person for
whom an order or judgment for child or spousal support has been entered in this or another
state. (b) Except as otherwise provided in subsection (c), whether or not a trust contains
a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is
subject to the trustee's discretion, even if: (1) the discretion is expressed in the form
of a standard of distribution; or (2) the trustee has abused the discretion. (c) To the extent
a trustee has not complied with a standard of distribution or has abused a discretion: (1)
a distribution may be ordered by the court to satisfy a judgment or court order against the
beneficiary for support or maintenance of the beneficiary's child, spouse, or former spouse;
and (2) the court shall direct the trustee to pay to the child, spouse, or former spouse such
amount as is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3B-504.htm - 2K - Match Info - Similar pages
19-3D-14
Section 19-3D-14 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. PROTECTION OF CHARITABLE
INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE
CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently,
periodically, on the occurrence of a specified event, or after the passage of a specified
time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL.
Not subject to the occurrence of a specified event that is not certain to occur, other than
a requirement in a trust instrument that a charitable organization be in existence or qualify
under a particular provision of the United States Internal Revenue Code of 1986, as amended,
on the date of the distribution, if the charitable organization meets the requirement on the
date of determination. (b) If a first trust...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/19-3D-14.htm - 3K - Match Info - Similar pages
40-18-1
Section 40-18-1 Definitions. For the purpose of this chapter, the following terms shall have
the respective meanings ascribed by this section: (1) ADVANCED FOSSIL-BASED GENERATION. The
production of electricity from fossil-based generation with the use of technology or efficiency
improvements to control or reduce carbon emissions, including but not limited to, technologies
described in 26 U.S.C. § 48A(f), as such provision existed on December 31, 2007. (2) ALTERNATIVE
ENERGY RESOURCES. Coal gasification or liquefaction, nuclear, and advanced fossil-based generation.
(3) BIOMASS. Animals and plants, and the waste, by-products, or derivatives of either, including,
but not limited to, the materials described in 26 U.S.C. §§ 45(c)(2), 45(c)(3), 45K(c)(3),
or 48B(c)(4). (4) BUSINESS TRUST. Any entity which is a business trust for federal income
tax purposes. (5) CAPTIVE REIT. Any REIT whose shares or certificates of beneficial interest
are not regularly traded on an established...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-18-1.htm - 11K - Match Info - Similar pages
|