45-39-92.53
Section 45-39-92.53 Abolition of corporation upon payment in full of securities; disposition
of proceeds. (a) When the original securities secured by a pledge of the taxes authorized
in this subpart, including refunding securities hereafter issued to refund the original securities,
for the Shoals Economic Development Project have been paid in full, the local public corporation
is abolished. Securities for which an irrevocable trust fund consisting of cash or direct
general obligations of the United States of America, or both, is established for retirement
of all of the principal of or interest on any outstanding security, shall be deemed paid in
full for the purposes of this subpart. (b) Notwithstanding any other provision of this subpart,
the local public corporation may not increase any outstanding debt or debt obligations or
create additional debts relating to the original bond balance owed as of May 12, 2005. (c)
(1) Upon abolishment of the local public corporation, the proceeds of...
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11-101A-19
Section 11-101A-19 Authorization of securities. (a) Any resolution authorizing any securities
under this chapter may contain a recital that they are issued pursuant to this chapter, which
recital shall be conclusive evidence that the securities have been duly authorized pursuant
to this chapter, notwithstanding any other law now in force or hereafter enacted or amended.
Upon the adoption by the board of any resolution providing for the issuance of securities,
the authority may cause to be published once a week for two consecutive weeks in a newspaper
published in the county in which the principal office of the authority is located, or, if
there is no newspaper, then in a daily newspaper published in the state, a notice in substantially
the following form, with any appropriate changes, to the extent applicable and with the blanks
being properly filled in: " ___, a public corporation and instrumentality under the laws
of the State of Alabama, has authorized the...
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11-11B-3
Section 11-11B-3 Power and authority of counties and public corporations. Each county and each
public corporation shall have the power and, when approved by its governing body, the authority,
to do or perform any one or more of the following: (1) To anticipate the receipt of any grant
either by loan or by assignment or both; to issue securities to evidence such loan or assignment;
to make such securities the general obligation indebtedness of the issuer or the obligation
of the issuer limited or restricted as to source of payment and security to all or a portion
of the proceeds of the grant or to any revenue, receipts or income or any special tax or license
of the issuer, or any one or more thereof. (2) To pledge to the holders of any securities
issued pursuant to this chapter the full faith and credit of the issuer and in addition to,
or instead of such pledge, to pledge and grant a security interest in all or a portion of
the proceeds of the grant or any revenue, receipts or income...
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11-64-3
Section 11-64-3 Power and authority of municipalities and public corporations. Each municipality
and each public corporation shall have the power and, when approved by its governing body,
the authority, to do or perform any one or more of the following: (1) To anticipate the receipt
of any grant either by loan or by assignment or both; to issue securities to evidence such
loan or assignment; to make such securities the general obligation indebtedness of the issuer
or the obligation of the issuer limited or restricted as to source of payment and security
to all or a portion of the proceeds of the grant or to any revenue, receipts, or income or
any special tax or license of the issuer, or any one or more thereof. (2) To pledge to the
holders of any securities issued pursuant to this chapter the full faith and credit of the
issuer and in addition to, or instead of such pledge, to pledge and grant a security interest
in all or a portion of the proceeds of the grant or any revenue,...
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11-81A-3
Section 11-81A-3 Power and authority of municipalities, counties, and public corporations.
Each municipality or county and each public corporation shall have the power and, when approved
by its governing body, the authority, to do or perform any one or more of the following: (1)
To anticipate the receipt of any grant either by loan or by assignment or both; to issue securities
to evidence such loan or assignment; to make such securities the general obligation indebtedness
of the issuer or the obligation of the issuer limited or restricted as to source of payment
and security to all or a portion of the proceeds of the grant or to any revenue, receipts,
or income or any special tax or license of the issuer, or any one or more thereof. (2) To
pledge to the holders of any securities issued pursuant to this chapter the full faith and
credit of the issuer and in addition to, or instead of such pledge, to pledge and grant a
security interest in all or a portion of the proceeds of the grant or...
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22-21-355
Section 22-21-355 Further provisions respecting investment of funds. In addition to the investment
powers granted by the enabling statute, any authority shall, to the extent permitted by the
contracts of such authority with the holders of its securities, have the further power to
invest any portion of the principal proceeds derived from the sale of any of its securities
not then needed for any of the purposes for which such securities were authorized to be issued,
any moneys held in any special fund created pursuant to any resolution or mortgage, mortgage
indenture, mortgage and trust indenture or trust indenture authorizing or securing any of
its securities, and any other moneys of such authority not then needed by it, in any of the
following: (1) Debt securities (whether general obligations or limited or special obligations)
of any state, territory or possession of the United States of America and of any political
subdivision of any such state, territory or possession, but if and...
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45-40A-10.04
Section 45-40A-10.04 Funding. (a) In payment for the purchase, construction, acquisition, extension,
or maintenance of the television cable system, the municipal corporation may issue its bonds
in the manner provided by law. (b) The municipal corporation, in order to secure the prompt
and faithful payment of the principal and interest of all debts, bonds, or other evidences
of indebtedness incurred or issued by it for the construction, acquisition, extension, or
maintenance of a television cable system, may execute a mortgage or deed of trust upon any
or all of the system and all property used in connection therewith, including the franchise
or any part thereof. (c) The mortgage or deed of trust may contain the terms, conditions,
covenants, and warranties for the protection of the municipal corporation and holders of the
bonds or securities issued by the municipal corporation as may be determined and agreed upon
by the governing body of the municipal corporation and persons, firms, or...
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11-22-9
Section 11-22-9 Bond issues - Funds for payment; execution; form; redemption; sale; refunding;
negotiable instruments. (a) All bonds issued by the corporation shall be payable solely out
of the revenues and receipts derived from the operation, leasing or sale by the corporation
of its projects or of any thereof as may be designated in the proceedings of the board of
directors under which the bonds shall be authorized to be issued. (b) Such bonds may be executed
and delivered by the corporation at any time and from time to time, may be in such form and
denominations and of such tenor and maturities, may be in registered or bearer form either
as to principal or interest or both, may be payable at such time or times not exceeding 40
years from the date thereof, may be payable at such place or places whether within or without
the State of Alabama, may bear interest at such rate or rates payable at such time or times
and at such place or places and evidenced in such manner, may be executed...
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11-54-179
Section 11-54-179 Bonds of authority generally. (a) Source of payment. All bonds issued by
an authority shall be payable solely out of the revenues and receipts derived from the leasing
or sale by the board of its projects or of any thereof as may be designated in the proceedings
of the board under which the bonds shall be authorized to be issued. (b) Pledge of revenues,
receipts and other security. The principal of and interest on any bonds issued by an authority
shall be secured by a pledge of the revenues and receipts out of which the same may be payable
and may be secured by a mortgage and deed of trust or trust indenture conveying as security
for such bonds all or any part of the property of the authority from which the revenues or
receipts so pledged may be derived. The resolution under which the bonds are authorized to
be issued and any such mortgage and deed of trust or trust indenture may contain any agreements
and provisions respecting the operation, maintenance and insurance...
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11-54A-10
Section 11-54A-10 Bonds of authority. (a) Source of payment. All bonds issued by the authority
shall be payable solely out of the revenues and receipts derived from the leasing or sale
by the board of its projects or of any thereof as may be designated in the proceedings of
the board under which the bonds shall be authorized to be issued. (b) Pledge of revenues,
receipts and other security. The principal of an interest on any bonds issued by the authority
shall be secured by a pledge of the revenues and receipts out of which the same may be payable
and may be secured by a mortgage and deed of trust or trust indenture conveying as security
for such bonds all or any part of the property of the authority from which the revenues or
receipts so pledged may be derived. The resolution under which the bonds are authorized to
be issued and any such mortgage and deed of trust or trust indenture may contain any agreements
and provisions respecting the operation, maintenance and insurance of the...
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