7-2A-303
Section 7-2A-303 Alienability of interests, transfer of rights, etc. (1) As used in this section, "creation of a security interest" includes the sale of a lease contract that is subject to Article 9A, Secured Transactions, by reason of Section 7-9A-109(a)(3). (2) Except as provided in subsection (3) and Section 7-9A-407, a provision in a lease agreement which (i) prohibits the voluntary or involuntary transfer, including a transfer by sale, sublease, creation, or enforcement of a security interest, or attachment, levy, or other judicial process, of an interest of a party under the lease contract or of the lessor's residual interest in the goods, or (ii) makes such a transfer an event of default, gives rise to the rights and remedies provided in subsection (4), but a transfer that is prohibited or is an event of default under the lease agreement is otherwise effective. (3) A provision in a lease agreement which (i) prohibits a transfer of a right to damages for default with respect to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-2A-303.htm - 3K - Match Info - Similar pages
11-56-15
Section 11-56-15 Bonds - Remedies upon default in payment of principal or interest on bonds. If there shall be any default in the payment of the principal of or interest on any bonds issued under this chapter, then the holder of any of the bonds and of any of the interest coupons applicable thereto and the trustee under any indenture, or any one or more of them, may by civil action, mandamus or other proceeding compel performance of all duties of the officers and directors of the corporation with respect to the use of funds for the payment of the bonds and for the performance of the agreements of the corporation contained in the proceedings under which they were issued and compel performance of the duties of all officials of each local subdivision and public corporation which is a lessee under any lease pledged as security for the bonds so in default with respect to payment of the rentals provided to be paid under any such lease and, regardless of the sufficiency of the security for...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-15.htm - 2K - Match Info - Similar pages
22-21-323
Section 22-21-323 Source of payment; security. (a) Securities issued by an authority shall not be general obligations of the authority but shall be payable solely out of the revenues from any health care facilities or other properties or assets (including, without limitation, proceeds from such securities, investment income and insurance and condemnation proceeds) owned or operated by it and the proceeds of any hospital tax appropriated, apportioned or allocated to it or for its benefit, or any portion of either thereof, all as may be provided or specified in the resolution of the board authorizing such securities or the indenture under which issued. The principal of and interest (and premium, if any) on any securities issued by the authority shall be secured by a pledge of the revenues or taxes (or both) out of which the same are payable and may be secured by a trust indenture evidencing such pledge or by a foreclosable mortgage, mortgage indenture or mortgage and trust indenture...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-323.htm - 4K - Match Info - Similar pages
11-57-15
Section 11-57-15 Bonds - Security for payment of principal and interest. The principal of and the interest on the bonds shall be secured by a pledge of the revenues out of which the bonds shall be made payable by an assignment or pledge of the lease agreement covering the project from which revenues so pledged shall be derived and by a pledge of the rental from such project and may be secured by a nonforeclosable indenture covering the project. The trustee under any 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 rental from any project covered by such indenture, the terms to be incorporated in the lease agreement respecting the project, the maintenance and insurance of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-57-15.htm - 2K - Match Info - Similar pages
11-56-9
Section 11-56-9 Leasing of projects. (a) The corporation and any local subdivision are hereby respectively authorized to enter into with each other one or more lease agreements whereunder a project or any part thereof shall be leased by the corporation to such local subdivision for a term not longer than the then current fiscal year of such local subdivision, but any such lease agreement may contain a grant to such local subdivision of successive options of renewing the said lease agreement on the terms specified therein for any subsequent fiscal year or years of such local subdivision. The said lease agreement may contain appropriate provisions as to the method by which such local subdivision may, at its election, exercise such of the said options of renewal as its governing body may elect on the terms provided therein and such other covenants and provisions as shall not be inconsistent with this chapter and as the corporation and such local subdivision may agree. The rental for each...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-9.htm - 5K - Match Info - Similar pages
11-101A-16
Section 11-101A-16 Obligations rest with authority. All agreements and obligations undertaken, and all securities issued, by an authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state, any authorizing subdivision, or any other county or municipality within the meaning of any constitutional or statutory provision. The faith and credit of the state, any authorizing subdivision, or any other county or municipality shall never be pledged for the payment of any securities issued by an authority. The state, any authorizing subdivision, or any other county or municipality shall not be liable in any manner for the payment of the principal of, or interest on, any securities of an authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever that may be undertaken by an authority. (Act 2001-642, p. 1317, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-101A-16.htm - 1K - Match Info - Similar pages
22-21-325
Section 22-21-325 Obligations not debt of state, county or municipality. All agreements and obligations undertaken, and all securities issued, by an authority shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state, any authorizing subdivision or any other county or municipality within the meaning of any constitutional or statutory provision. The faith and credit of the state, any authorizing subdivision or any other county or municipality shall never be pledged for the payment of any securities issued by an authority; nor shall the state, any authorizing subdivision or any other county or municipality be liable in any manner for the payment of the principal of or interest on any securities of an authority or for the performance of any pledge, mortgage, obligation or agreement of any kind whatsoever that may be undertaken by an authority. (Acts 1982, No. 82-418, p. 629, §16.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-325.htm - 1K - Match Info - Similar pages
11-15-8
Section 11-15-8 Leasing of projects to counties. The corporation and the county are hereby respectively authorized to enter into with each other one or more lease agreements whereunder a project shall be leased by the corporation to the county for a term not longer than the then current fiscal year of the county, but any such lease agreement may contain a grant to the county of successive options of renewing the said lease agreement on the terms specified therein for any subsequent fiscal year or years of the county. The said lease agreement may contain appropriate provisions as to the method by which the county may, at its election, exercise such of the said options of renewal as its county commission may elect on the terms provided therein and such other covenants and provisions as shall not be inconsistent with this chapter and as the corporation and the county may agree. The rental for each fiscal year during which said lease agreement shall be in effect shall be due in advance on...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-15-8.htm - 3K - Match Info - Similar pages
11-50A-21
Section 11-50A-21 Proceeds of bonds. Proceeds of the bonds issued under authority of this chapter shall be used solely for the payment of the costs of a project or combined projects, and any other corporate purposes of the authority, and shall be disbursed upon requisition or order of the persons and under such restrictions as the resolution authorizing the issuance of the bonds or the trust agreement or indenture may provide. If the proceeds of the bonds of any issue shall exceed the amount required for the purpose for which the bonds are issued, the surplus shall be paid into the fund provided for the payment of principal of and interest on the bonds. In the discretion of the authority, bonds of a single issue or series of any issue may be issued for the purpose of paying the costs of any one or more projects, including a combination of projects. (Acts 1981, No. 81-681, p. 1114, §21.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-21.htm - 1K - Match Info - Similar pages
16-17A-14
Section 16-17A-14 Default in payments. (a) If there should be any default in the payment of the principal of, or interest on, any indebtedness issued under this chapter or of any agreements contained in any security document, and the period for cure of the default has passed, then the holder of the indebtedness and the trustee under any security document, or any one or more of them, subject to the terms of the financing documents authorizing the indebtedness or any security document applicable thereto: (1) May, by mandamus, injunction, or other proceedings, compel performance of any covenant or agreement of the authority contained in any applicable resolution or security document by its board or its officers. (2) May be entitled to a judgment against the authority for the principal of and interest on the indebtedness so in default, together with all reasonable costs of collection. (3) May, in the event the indebtedness is secured by a mortgage on, or security interest in, any physical...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-17A-14.htm - 2K - Match Info - Similar pages
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