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11-59-10
Section 11-59-10 Bonds - Security for payment of principal and interest; remedies upon default.
The principal of and interest on any bonds issued by the corporation shall be secured by a
pledge of the revenues out of which the same shall be made payable and may be secured by a
mortgage or deed of trust covering all or any part of the facilities from which the revenues
so pledged may be derived, including all supplies, equipment and easement in connection with
such facilities and any enlargements of and additions to any thereof thereafter made. Any
such mortgage or deed of trust and the resolution under which the bonds are authorized to
be issued may contain any agreements and provisions respecting the management, operation and
maintenance of the facilities covered thereby, the fixing and collection of rents, fees and
charges for any portions thereof leased by the corporation or used by the public or any services
rendered respecting the same, the creation and maintenance of special...
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11-92-6
Section 11-92-6 Warrants - Form, terms, denominations, etc.; liability of counties or municipalities
upon warrants; disposition of proceeds from sale. (a) Each participant shall have the power
to sell and issue interest-bearing warrants for the purpose of paying the cost or its share
of the costs of acquiring and developing industrial parks. Any warrants issued under the provisions
of this chapter may be in such denominations, may have such maturity or maturities, not exceeding
30 years from their date, may bear interest from their date at such rate or rates, payable
at such times, may be payable at such places within or without the state, may be sold at such
times and in such manner and may contain such terms not in conflict with the provisions of
this chapter, all as the governing body of the participant may provide in the proceedings
wherein the warrants are authorized to be issued. (b) All such warrants shall evidence general
obligation indebtedness of the county or municipality by...
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16-13-303
Section 16-13-303 Notes not general obligations; source of payment. (a) Warrants issued under
this article shall not be general obligations of the board issuing such warrants but shall
be payable solely from the designated revenues or tax proceeds of the board which may be lawfully
applied to the payment of indebtedness of such board, including funds derived from any one
or more of the following sources: (1) The proceeds of any ad valorem tax or taxes levied for
the purpose of paying such warrants, or for educational or public school purposes, and paid,
apportioned, allocated, or distributed to or for the benefit of the board. (2) The proceeds
of any privilege, license, or excise tax or taxes that may be paid, apportioned, allocated,
or distributed to or for the benefit of the board. (3) Any revenues of whatsoever kind or
nature (including, without limitation, payments pursuant to agreements delivered pursuant
to this article and payments in lieu of taxes) that may be paid,...
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37-13-15
Section 37-13-15 Bonds of authority - Refunding bonds. An authority may at any time and from
time to time issue refunding bonds for the purpose of refunding the principal of and the interest
on any bonds of the authority theretofore issued hereunder and then outstanding, whether or
not such principal and interest shall have matured at the time of such refunding, and for
the payment of any expenses incurred in connection with such refunding and any premium necessary
to be paid in order to redeem, retire or purchase for retirement the bonds to be refunded.
The proceeds derived from the sale of any refunding bonds shall be used only for the purposes
for which the refunding bonds were authorized to be issued. Any such refunding may be effected
either by sale of the refunding bonds and the application of the proceeds thereof, or by exchange
of the refunding bonds for the bonds or coupons to be refunded thereby; provided that the
holders of any bonds or coupons so to be refunded shall not be...
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45-17-242.06
Section 45-17-242.06 Disposition of funds for hospital purposes. The proceeds of the tax authorized
by this part, if imposed, less the cost of collection as provided herein, shall be paid into
the county treasury, and all revenues arising therefrom shall be appropriated by the county
governing body for the use of any public corporation which may be organized in the county
for the purpose of acquiring, constructing, equipping, enlarging, improving, operating, and
maintaining a hospital in the county. Such public corporation may pledge any portion of such
revenues as security for the payment of the principal of and the interest on any bonds, securities,
or other notes or evidences of indebtedness heretofore, or which hereafter may be, issued
by such corporation for the purpose of acquiring, constructing, equipping, enlarging, and
improving a hospital in the county; and any portion of the proceeds of the tax not so pledged
shall be used for the support, maintenance, and operation of such...
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45-17-90.54
Section 45-17-90.54 Purpose; powers. (a) It is hereby determined that the development of the
Shoals Economic Development Project is for a public purpose and will be in the best interest
of the citizens of Lauderdale County and Colbert County. For the purposes of aiding or cooperating
with Lauderdale County, the City of Florence, RSA, and with a local public corporation in
the development, acquisition, construction, improvement, or financing of the Shoals Economic
Development Project, Colbert County and the Cities of Sheffield, Tuscumbia, and Muscle Shoals
may, upon such terms and with or without consideration, as it may determine: (1) Lend or donate
money to, guarantee all or any part of the securities, or perform services for the benefit
of, the local public corporation. (2) Donate, sell, convey, transfer, lease, or grant to the
local public corporation or to RSA without the necessity of authorization at any election
of qualified voters, any real or personal property of any kind. (3)...
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45-39-92.52
Section 45-39-92.52 Disposition of funds. Expenditures from the special fund provided for in
Section 45-39-92.51 shall be made exclusively for the purposes of paying principal of and
interest on securities evidencing obligations incurred for payment for the Shoals Economic
Development Project. All of the proceeds of the taxes herein authorized shall be specifically
pledged by the Lauderdale County Commission to the payment of principal of and interest on
the securities, whether such securities are issued by the county or by a local public corporation.
The pledge of the taxes herein authorized for the payment of the principal of and interest
on securities issued by Lauderdale County or a local public corporation, together with any
applicable covenants of the county and the local public corporation relating to such pledge,
shall have the force of contract between the county, the local public corporation, and the
holders of the securities. The proceeds of the taxes may be deposited by the...
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11-11A-1
Section 11-11A-1 Authorized; denominations, maturity, interest, price, etc.; anticipation of
longer-term warrants. Any county in the state of Alabama, in addition to all other powers
which it may now have, is hereby authorized and empowered from time to time to authorize,
issue and sell, for the purpose of financing the costs of erecting necessary public buildings,
bridges or roads in such county, interest-bearing tax-anticipation warrants payable (as to
both principal and interest) solely out of the special ad valorem tax authorized by ยง 215
of the Constitution of Alabama of 1901, as amended, to be levied for the erection of necessary
public buildings, bridges or roads, such warrants to be in such denomination or denominations,
to have such maturity or maturities [not exceeding 30 years from their date], to bear interest
at such rate or rates and payable at such time or times, to be made payable at such place
or places (whether within or without the state) and to be sold at such time...
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11-56-20
Section 11-56-20 Authority and procedure for dissolution of corporations; vesting of title
to properties thereof in municipalities upon dissolution; formation of corporations not to
prevent subsequent formation of other corporations by same municipalities. (a) At any time
when the corporation does not have any bonds outstanding, the board may adopt a resolution
which shall be duly entered upon its minutes declaring that the corporation shall be dissolved.
Upon the filing for record of a certified copy of said resolution in the office of the judge
of probate of the county, the corporation shall thereupon stand dissolved, and, in the event
it owned any property at the time of its dissolution, the title to all its property shall
thereupon vest in the municipality. In the event the corporation shall at any time have outstanding
bonds issued under this chapter payable out of the revenues from different projects, then
as and when the principal of and the interest on all bonds payable in...
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11-60-11
Section 11-60-11 Bonds - Security for payment of principal or interest; remedies upon default.
The principal of and interest on any bonds issued by the corporation shall be secured by a
pledge of the revenues and receipts out of which the same shall be made payable and may be
secured by mortgage or deed of trust covering all or any part of the projects from which the
revenues or receipts so pledged may be derived, including any enlargements of and additions
to any such projects thereafter made. The resolution under which the bonds are authorized
to be issued and any such mortgage or deed of trust may contain any agreements and provisions
respecting the maintenance of the projects covered thereby, the fixing and collection of fees,
rates, tolls and charges for the services, facilities and accommodations furnished by the
corporation and of the rents for any portions thereof leased by the corporation to others,
the creation and maintenance of special funds from such revenues and the...
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