23-2-147
Section 23-2-147 Bonds; issuance; forms; procedures, etc. (a) The authority is hereby authorized to provide by resolution for the issuance of bonds of the authority for any of its corporate purposes, including the refunding of its bonds. The principal of and the interest on any issue of such bonds shall be payable solely from, and be secured by a pledge of, tolls and other revenues of all or any part of the toll road, bridge, or tunnel project financed in whole or in part with the proceeds of such issue or with the proceeds of bonds refunded or to be refunded by such issue. The proceeds of any such bonds may be used or pledged for the payment or security of the principal or of the interest on bonds, and for the establishment of any or all reserves for such payment or security, or for other corporate purposes as the authority may authorize in the resolution authorizing the issuance of bonds or in the trust agreement securing the same. (b) The bonds of each issue shall be dated; shall...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-147.htm - 5K - Match Info - Similar pages
23-7-20
Section 23-7-20 Securing of bonds - Trust indenture. (a) Bonds may be secured by a trust indenture between the bank and a corporate trustee, which may be the State Treasurer or any bank having trust powers or any trust company doing business in this state. A trust indenture may contain provisions for protecting and enforcing the rights and remedies of the bondholders which are reasonable and proper, including covenants setting forth the duties of the bank in relation to the exercise of its powers and the custody, safekeeping, and application of its money. The bank may provide by the trust indenture for the payment of the proceeds of the bonds and all or any part of the revenues of the bank to the trustee under the trust indenture or to some other depository, and for the method of its disbursement with safeguards and restrictions prescribed by it. All expenses incurred in performing the obligations of the bank under the trust indenture may be treated as part of its operating expenses....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-20.htm - 3K - Match Info - Similar pages
24-1-36
Section 24-1-36 Investment by state, fiduciaries, banks, etc., in bonds, etc., issued by authorities. Notwithstanding any restrictions on investments contained in any laws of this state, the state and all public officers, municipal corporations, political subdivisions other than county and public bodies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations, and other persons carrying on an insurance business and all executors, administrators, guardians, trustees, and other fiduciaries may legally invest any sinking funds, moneys, or other funds belonging to them or within their control in any bonds or other obligations issued by a housing authority pursuant to this article or issued by any public housing authority or agency in the United States, when such bonds or other obligations are...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/24-1-36.htm - 2K - Match Info - Similar pages
41-10-755
Section 41-10-755 Bonds of the authority. (a) General. The authority is authorized from time to time to sell and issue its bonds for the purpose of providing funds to be transferred to and deposited in the Alabama Trust Fund and the Rainy Day Account, to provide additional funds to the Alabama Medicaid Agency, for paying the costs of transportation projects, and for the purpose of refunding any or all of the authority's outstanding bonds. (b) Sources of payment. Bonds issued by the authority 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 one or more of the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority under any mortgage or security granted to the authority. (3) Amounts derived from any letter of credit, insurance policy, or other form of credit enhancement applicable to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-755.htm - 5K - Match Info - Similar pages
41-10-96
Section 41-10-96 Security for payment of principal and interest on bonds. The principal of and interest on the bonds shall be secured by a pledge of the rent, revenues and income out of which the bonds shall be made payable and by a pledge of any lease agreements covering the project or any part thereof from which the rent, revenues and income so pledged shall be derived and may be secured by an indenture covering such project. The trustee under an indenture may be a trust company or bank having trust powers, whether located within or without the state. The indenture may contain any agreements and provisions customarily contained in instruments securing evidences of indebtedness, including, without limiting the generality of the foregoing, provisions respecting the collection, segregation and application of the rent, revenues and income from any project covered by such indenture, the terms to be incorporated in the lease agreements respecting such project or any part thereof, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-96.htm - 1K - Match Info - Similar pages
41-9-353
Section 41-9-353 Bonds and other obligations to be exclusively obligations of commission; bonds and coupons to be negotiable instruments and to constitute legal investments for banks, insurance companies and fiduciaries; effect of recital as to issuance in resolution authorizing bonds. All obligations incurred by the commission and all bonds issued by it shall be solely and exclusively an obligation of the commission and shall not create an obligation or debt of the State of Alabama or any county or municipality therein. All bonds issued by the commission, while not registered, shall be construed to be negotiable instruments even though they are payable from a limited source. All coupons applicable to any bonds issued by the commission, while the applicable bonds are not registered as to both principal and interest, shall likewise be construed to be negotiable instruments although payable from a limited source. Such bonds shall constitute legal investments for savings banks and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-9-353.htm - 2K - Match Info - Similar pages
5-5A-18
Section 5-5A-18 Powers of banks generally. Corporations formed for the purpose of doing business as a bank may: (1) Discount bills, notes or other evidences of debt; (2) Receive and pay out deposits, with or without interest, pay checks, and impose charges for any services; (3) Receive on special deposit money, bullion or foreign coins or bonds or other securities; (4) Buy and sell foreign and domestic exchanges, gold and silver bullion or foreign coins, bonds, bills of exchange, notes and other negotiable paper; (5) Lend money on personal security or upon pledges of bonds, stocks or other negotiable securities; (6) Take and receive security by mortgage, security agreement or otherwise on property, real and personal; (7) Become trustees for any purpose and be appointed and act as executors, administrators, guardians, receivers, or fiduciaries upon receiving the prior written approval of the superintendent under Section 5-11A-1; (8) Lease real and personal property upon specific request...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-5A-18.htm - 2K - Match Info - Similar pages
9-10-36
Section 9-10-36 Issuance of bonds; issuance of notes and renewal notes; redemption of notes or bonds; liability on notes or bonds; disposition of proceeds from sale of bonds; issuance of interim receipts, etc. (a) Any such corporation is hereby authorized to provide by resolution for the issuance of bonds of the corporation for any of its corporate purposes, including the refunding of its bonds. The principal of and the interest on any issue of such bonds shall be payable solely from, and may be secured by a pledge of, tolls, rentals, sales receipts and other revenues of all or any part of the project or projects financed in whole or in part with the proceeds of such bond issue or with the proceeds of bonds refunded or to be refunded by such issue. The proceeds of any such bonds may be used or pledged for the payment or security of the principal or of the interest on bonds and for the establishment of any or all reserves for such payment or security or for other corporate purposes as...
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11-47-224
Section 11-47-224 Bonds of an authority - Payment out of revenues; security for payment; mortgages, security interests, or assignments as security for payment. (a) Any bonds issued by an authority shall be revenue bonds and shall be payable solely out of the revenues of the authority as may be designated in the proceedings of the board under which the bonds are authorized to be issued. (b) As security for payment of the principal of and interest on any bonds issued or assumed by it, an authority may enter into a contract or contracts, and adopt resolutions or other proceedings containing provisions constituting a part of the contract or contracts with the holders of the bonds, pertaining to, among other things, the following: (1) Pledging all or any part of the revenues of the authority to secure the payment of the bonds. (2) Pledging, assigning, or mortgaging all or any part of the assets of the authority to secure the payment of the bonds. (3) The creation of reserve, sinking, or...
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16-18B-13
Section 16-18B-13 Refunding bonds. Pursuant to the provisions of the aforesaid amendment and this article, the corporation 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 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 corporation, 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 outstanding bonds. Refunding bonds to be sold pursuant hereto may be issued in such principal amount or amounts as shall be determined by the corporation. Pending the application of the proceeds of refunding bonds issued in accordance with this section, such proceeds, together with investment income therefrom, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-18B-13.htm - 5K - Match Info - Similar pages
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