11-54-182
Section 11-54-182 Notice of bond resolution; limitation on proceedings questioning or attacking bonds. Upon the adoption by the board of any authority of any resolution providing for the issuance of bonds, such authority may, in its discretion, cause to be published once a week for two consecutive weeks, in a newspaper published or having a general circulation in the authorizing municipality, a notice in substantially the following form (the blanks being properly filled in) at the end of which shall be printed the name and title of either the chairman or secretary of such authority: "___, a public corporation under the laws of the State of Alabama, on the _____day of _____, authorized the issuance of $_____ principal amount of bonds of the said public corporation for purposes authorized in the act of the Legislature of Alabama under which the said public corporation was organized. Any action or proceeding questioning the validity of the said bonds, or the pledge and the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54-182.htm - 2K - Match Info - Similar pages
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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-13.htm - 1K - Match Info - Similar pages
16-65-13
Section 16-65-13 Interest of bondholders protected; enforceability. While any of the bonds issued by the authority remain outstanding, the powers, duties, or existence of the authority or of any of its officers shall not be diminished or impaired in any manner that will affect adversely the interest and rights of the holders of such bonds. The provisions of this chapter shall be for the benefit of the state, the authority, and the holders of any such bonds, and upon the issuance of the bonds as herein provided, such provisions shall constitute a contract with the holders of such bonds. The provisions of any bond resolution, indenture, or trust agreement shall be a contract with every holder of such bonds and the duties of the authority under any such bond resolution, indenture, or trust agreement shall be enforceable by any bondholder by mandamus or other appropriate suit, action, or proceeding at law or in equity. (Acts 1997, No. 97-388, p. 632, §13.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-65-13.htm - 1K - Match Info - Similar pages
23-1-175.1
Section 23-1-175.1 Infrastructure improvements. (a) In order to accomplish infrastructure improvements contemplated for the benefit of the Alabama State Docks, the Alabama Highway Finance Corporation shall have the following powers, in addition to all powers set forth in this article. (1) To borrow money and issue its bonds in evidence thereof, in a principal amount not to exceed one hundred fifty million dollars ($150,000,000), for the purpose of financing the widening and deepening of the Mobile Ship Channel and improvements related thereto. No bond issued by the corporation for this purpose shall have a specified maturity date later than twenty years after its issuance date. (2) To issue from time to time one or more series of refunding bonds for the purpose of refunding any bonds issued pursuant to subdivision (1) or bonds previously issued to refund such bonds, in any case, however, having a final maturity that is not later than the final maturity of the bonds being refunded. (3)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-175.1.htm - 3K - Match Info - Similar pages
23-1-307
Section 23-1-307 Bonds and notes - Authorization for issuance. The authority shall have the power and is hereby authorized and empowered to sell and issue its bonds in order to provide as soon as practicable the federal share of the cost of constructing federal aid projects in anticipation of the receipt by the state of such federal portions as they become available either during, upon or after completion of such construction. The authority shall have the power, in addition to any other powers granted in this article, to borrow money for temporary use for any of the purposes for which it is authorized by this article to issue bonds and, in evidence of such borrowing, to issue from time to time temporary bonds or notes. Any such temporary borrowing may be made in anticipation of the sale and issuance of bonds and in such event the principal proceeds from the sale of such bonds shall, to the extent necessary, be used for payment of the principal of and interest on the temporary bonds or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-1-307.htm - 1K - Match Info - Similar pages
37-6-29
Section 37-6-29 Bonds or other indebtedness - Exemption from provisions of securities law. The provisions of the Alabama Securities Law shall not apply to any note, bond or other evidence of indebtedness issued by any cooperative transacting business in this state pursuant to this chapter to the United States of America, or any agency or instrumentality thereof, or to any mortgage or deed of trust executed to secure the same. The provisions of said securities law shall not apply to the issuance of membership certificates by any cooperative. (Acts 1939, No. 231, p. 371; Code 1940, T. 18, §59.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-6-29.htm - 905 bytes - Match Info - Similar pages
41-10-318
Section 41-10-318 Security for bonds. The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining unexpended upon completion of all facilities to be constructed with such bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security interest in one or more facilities of the authority, granted in connection with the issuance of such bonds. The authority shall have authority to transfer and assign any lease or mortgage of any of its facilities as security for the payment of such principal, premium, if any, and interest. The bonds may be issued under, and secured by,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-318.htm - 2K - Match Info - Similar pages
41-10-508
Section 41-10-508 Security. The principal of, premium, if any, and interest on the bonds of the authority shall be secured by any or all of the following, as the authority may determine: (1) The rent and revenues from the lease or use of one or more facilities of the authority; (2) The proceeds from any sale of any facilities of the authority; (3) Any bond proceeds remaining unexpended upon completion of all facilities to be constructed with such bond proceeds and the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security interest in one or more facilities of the authority, granted in connection with the issuance of such bonds. The authority shall have authority to transfer and assign any lease or mortgage of any of its facilities as security for the payment of such principal, premium, if any, and interest. The bonds may be issued under, and secured by, a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-508.htm - 2K - Match Info - Similar pages
41-10-516
Section 41-10-516 Special funds. For the purpose of providing funds for the payment of the principal of and interest on the bonds issued by the authority under the provisions of this article, there is hereby created and irrevocably pledged to the payment of such obligations a special and continuing trust fund which shall consist of all receipts and income from rents contracted for and received by the authority under leases of the facility or facilities constructed with the proceeds from the sale of the bonds. There shall be created within said special and continuing trust fund a reserve fund account of said authority in the State Treasury in which shall be placed as trust fund and held separate and apart from all other moneys of the state or of the authority, (1) any moneys left after the completion of the facility and the payment of all costs in connection therewith and in connection with the issuance of the bonds, and, (2) all excess rentals and other surplus income from the facility...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-516.htm - 2K - Match Info - Similar pages
|