11-56-13
Section 11-56-13 Bonds - Security for payment of principal and interest; remedies upon default generally. (a) 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 and by a pledge of the lease agreement covering the project from which revenues so pledged shall be derived and of the rental therefrom and may be secured by an indenture covering such 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 such project, the maintenance and insurance of such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-56-13.htm - 3K - Match Info - Similar pages
11-50-410
Section 11-50-410 Rights and remedies of bondholders and trustees. In addition to all other rights and all other remedies, any holder or holders of any bond or bonds of any district incorporated under this article, including a trustee for a bondholder, shall have the right, subject to any contractual limitation binding upon such bondholder or holders or trustee and subject to the prior or superior rights of others: (1) To bring an action on the bonds; (2) To enforce its rights against the district and the board of directors, by mandamus or other civil action or proceeding, including the right to require the district and such board to fix and collect rates and charges adequate to carry out any agreement as to or pledge of the revenues produced by such rates or charges and to require such district and such board to carry out the other covenants and agreements with such bondholder and to perform its and their duties under this article and under any mortgage, indenture of trust or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-410.htm - 2K - Match Info - Similar pages
11-81-166
Section 11-81-166 Revenue bonds - Authority for issuance; authorization proceedings generally; form, terms, denominations, etc.; execution and delivery generally; maturity and sale; payment generally; trust indentures. (a) Any borrower may issue its revenue bonds for the purpose of: (1) Financing the acquisition, improvement, enlargement, extension and repair, or any of them, of a system or systems; (2) Refunding the principal of and the interest on any bonds of such borrower theretofore issued under this article and then outstanding, whether or not such principal and interest shall have matured at the time of such refunding; or (3) Financing any such acquisition, improvement, enlargement, extension and repair, or any of them, and refunding any such principal and interest. (b) Any bonds issued under this article shall be made payable solely out of the revenues from the operation of a system or systems of the borrower and may be made payable from any such revenues without regard to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-166.htm - 5K - Match Info - Similar pages
23-7-2
Section 23-7-2 Definitions. For the purposes of this chapter, the following words shall have the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2) BOARD. The board of directors of the bank. (3) BONDS. Includes bonds, notes, or other evidence of indebtedness except as otherwise provided in this chapter. (4) DEPARTMENT or DEPARTMENT OF TRANSPORTATION. The Alabama Department of Transportation. (5) ELIGIBLE COST. As applied to a qualified project to be financed from the federal highway account, the costs that are permitted under applicable federal laws, requirements, procedures, and guidelines in regard to establishing, operating, and providing assistance from the bank. As applied to a qualified project to be financed from the state highway account, these costs include the costs of preliminary engineering, traffic, and revenue studies; environmental studies; right-of-way acquisition; legal and financial services associated with the development of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-2.htm - 9K - Match Info - Similar pages
39-7-25
Section 39-7-25 Rights and remedies of bondholders. In addition to all other rights and all other remedies any holder or holders of any bond or bonds of any authority incorporated under this chapter, including a trustee for bondholders, shall have, subject to any contractual limitations binding upon such bondholder or holders or trustee, and subject to the prior or superior rights of others the following rights: (1) To institute a civil action on the bonds; (2) To enforce his rights by mandamus or other civil action or proceeding against such authority and the board of trustees of such authority, including the right to require such authority and such board of trustees to fix and collect rates and charges adequate to carry out any agreement as to or pledge of the revenues produced by such rates or charges and to require such authority and such board to carry out any other covenants and agreements with such bondholder and to perform its and their duties under this chapter; (3) To require...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/39-7-25.htm - 2K - Match Info - Similar pages
11-101A-14
Section 11-101A-14 Securities payable out of revenues from projects, properties, etc., indenture may contain agreements; liens. (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 project or other properties or assets, including, without limitation, proceeds from the securities, investment income and insurance, and condemnation proceeds, owned by it, all as may be provided or specified in the resolution of the board authorizing the 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 out of which the same are payable and may be secured by an indenture conveying as security for the securities all or any part of its property, which indenture may be subject to foreclosure. (b) Any indenture executed on behalf of the authority and any resolution of the board...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-101A-14.htm - 4K - Match Info - Similar pages
7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this article: (1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) "Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a State, governmental unit of a State, or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-102.htm - 29K - Match Info - Similar pages
16-16A-7
Section 16-16A-7 Additional findings; bonds authorized; procedures. (a) The Legislature finds that the number of students attending the several school systems located in those areas of North Alabama that will be directly impacted by the 2005 BRAC and Subsequent BRAC Actions will collectively increase by an estimated 9,000 students. As a result, there will be a need for the construction of additional school facilities as well as the renovation of existing school facilities. The Legislature also finds that the 2005 BRAC and Subsequent BRAC Actions will have a positive impact on future receipts to the Education Trust Fund, as the significant population growth in North Alabama will increase sales, income, and other tax collections. Thus, it is an efficient use of state funds to allow such revenue growth to help pay for capital improvement costs associated with BRAC-related school construction. (b) The Alabama Public School and College Authority is hereby authorized to sell and issue its...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-16A-7.htm - 24K - Match Info - Similar pages
11-86A-15
Section 11-86A-15 Security for bonds. (a) In the discretion of the board of directors of an authority, any bonds may be secured by an indenture between an authority and a trustee, which may be a trust company or bank having trust powers, whether the trust company or bank is located within or outside of the state. In any indenture or resolution providing for the issuance of bonds, an authority may pledge, for payment of the principal of and the interest on such bonds, any of its revenues to which its rights exist or may thereafter come into existence, and may assign, as security for payment, any of its leases, franchises, permits, and contracts. In any indenture, an authority may mortgage any properties, including any that may be thereafter acquired by it, and may provide that in the event of a default in payment of the bonds secured thereby or in the event of default with respect to any agreement contained therein, the mortgage may be foreclosed either by sale at public outcry or by...
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23-7-29
Section 23-7-29 Other financial assistance authorized. (a) The granting of other financial assistance by the bank shall be authorized by a resolution of the bank. (b) The bank may execute instruments and enter into financing agreements, including, without limitation, 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, containing the terms and conditions as the bank shall determine in connection with the provision of other financial assistance and securing its obligations with respect to other financial assistance. (c) The bank may pledge any of its revenues or funds to the payment of other financial assistance provided by the bank, subject to any prior pledges for outstanding bonds or other financial assistance of the bank and, in the case of those revenues described in subdivisions (1) and (2) of subsection (a) and subsection (b) of Section 23-7-6, the pledges by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-7-29.htm - 1K - Match Info - Similar pages
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