23-2-149
Section 23-2-149 Trust agreements securing bond issues; authorized provisions protecting holders;
pledge of revenues. In the discretion of the authority, any bonds issued under the provisions
of this article may be secured by a trust agreement by and between the authority and a corporate
trustee, which may be any trust company, or bank having the powers of a trust company, within
or without the state. The trust agreement or the resolution providing for the issuance of
such bonds subject to the provisions of Section 23-2-147, may pledge or assign tolls or other
revenues to which the authority's right then exists or which may thereafter come into existence,
and the moneys derived therefrom, and the proceeds of such bonds; provided, however, that
the trust agreement or resolution shall not convey or mortgage any toll road, bridge or tunnel
project or any part thereof. Such trust agreement or resolution providing for the issuance
of bonds may contain such provisions for protecting and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/23-2-149.htm - 4K - Match Info - Similar pages

41-10-319
Section 41-10-319 Rights of holders of bonds upon default. If there be any default by the authority
in the payment of the principal of or interest on the bonds or in any of the agreements on
the part of the authority which may properly be included in any resolution or indenture of
trust securing such bonds, any holder of any of the bonds or the trustee for the bondholders
under any resolution or indenture of trust, if so authorized therein, may, by an action, mandamus
or other proceedings, enforce payment of such items and foreclosure upon any mortgage or security
interest granted as security for such bonds and compel performance of all duties of the directors
and officers of the authority and shall be entitled, as a matter of right and regardless of
the sufficiency of any such security or the availability of any other remedy, to the appointment
of a receiver with all the power of such receiver for the maintenance, insurance and leasing
of the facilities and property covered by such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-319.htm - 1K - Match Info - Similar pages

11-50-172
Section 11-50-172 Provision by transferor for payment of outstanding bonds, mortgages, indentures,
etc. If there are outstanding any bonds, mortgages, indentures, resolutions, or other obligations,
including revenue bonds or other securities, payable from or secured by a pledge of the revenues
or earnings of or constituting a lien upon the water system or systems proposed to be transferred
and conveyed under the provisions of this article, the public corporation proposing to make
such transfer and conveyance: (1) Shall make provision for the assumption by the transferee
public corporation of the due and prompt payment of the principal of and interest on such
bonds or other obligations and the due and prompt performance of all other agreements and
conditions in the manner authorized by such outstanding bonds, mortgages, indentures, resolutions,
or other obligations, or (2) In the absence of any such authorization or, at the election
of the transferor and transferee public corporations,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-172.htm - 1K - 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

14-2-22
Section 14-2-22 Bonds - Enforcement upon default. If there be any default by the authority
in the payment of the principal of or interest on the bonds or in any of the agreements on
the part of the authority which may properly be included in any resolution or indenture of
trust securing such bonds, any holder of any of the bonds or the trustee for the bondholders
under any resolution or indenture of trust, if so authorized therein, may, by an action, mandamus
or other proceedings, enforce payment of such items and foreclosure upon any mortgage or security
interest granted as security for such bonds and compel performance of all duties of the directors
and officers of the authority and shall be entitled, as a matter of right and regardless of
the sufficiency of any such security or the availability of any other remedy, to the appointment
of a receiver with all the power of such receiver for the maintenance, insurance and leasing
of the facilities and property covered by such resolution...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/14-2-22.htm - 1K - Match Info - Similar pages

41-10-509
Section 41-10-509 Enforcement upon default. If there be any default by the authority in the
payment of the principal of or interest on the bonds or in any of the agreements on the part
of the authority which may properly be included in any resolution or indenture of trust securing
such bonds, any holder of any of the bonds or the trustee for the bondholders under any resolution
or indenture of trust, if so authorized therein, may, by an action, mandamus or other proceedings,
enforce payment of such items and foreclosure upon any mortgage or security interest granted
as security for such bonds and compel performance of all duties of the directors and officers
of the authority and shall be entitled, as a matter of right and regardless of the sufficiency
of any such security or the availability of any other remedy, to the appointment of a receiver
with all the power of such receiver for the maintenance, insurance and leasing of the facilities
and property covered by such resolution or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-509.htm - 1K - Match Info - Similar pages

41-10-96
Section 41-10-96 Security for payment of principal and interest on bonds. The principal of
and interest on the bonds shall be secured by a pledge of the rent, revenues and income out
of which the bonds shall be made payable and by a pledge of any lease agreements covering
the project or any part thereof from which the rent, revenues and income so pledged shall
be derived and may be secured by an indenture covering such project. The trustee under an
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
rent, revenues and income from any project covered by such indenture, the terms to be incorporated
in the lease agreements respecting such project or any part thereof, the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-96.htm - 1K - Match Info - Similar pages

11-81-179
Section 11-81-179 Statutory mortgage lien of bondholders - Duration; enforcement. (a) Any system
or systems that shall be made subject to a statutory mortgage lien as provided for in Section
11-81-178 shall remain subject to such lien until payment in full of the principal of and
the interest on the bonds to secure the payment of which such lien was created or until moneys
sufficient for the payment thereof shall have been set aside in trust for payment thereof.
(b) Any holder of any of said bonds or of any of the interest coupons applicable thereto and
the trustee under any trust indenture, if so provided in such indenture, may, by civil action,
mandamus or other proceedings, protect, enforce and compel performance of all duties of the
officials of the borrower, including the fixing of sufficient rates, the collection of revenues,
the proper segregation of the revenues of the system or systems and the proper application
thereof; provided, however, that such statutory mortgage lien...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-179.htm - 2K - Match Info - Similar pages

16-18B-13
Section 16-18B-13 Refunding bonds. Pursuant to the provisions of the aforesaid amendment and
this article, the corporation may, at any time and from time to time, issue for the state
refunding bonds of the state for the purpose of refunding any or all of the bonds authorized
by the amendment then outstanding (including any refunding bonds that may have been previously
issued), whether such refunding shall occur before, at or after the maturity of the bonds
to be refunded. In the discretion of the corporation, refunding bonds may be issued in exchange
for such outstanding bonds or they may be sold and the proceeds thereof applied to the purchase,
redemption or payment of outstanding bonds. Refunding bonds to be sold pursuant hereto may
be issued in such principal amount or amounts as shall be determined by the corporation. Pending
the application of the proceeds of refunding bonds issued in accordance with this section,
such proceeds, together with investment income therefrom, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-18B-13.htm - 5K - Match Info - Similar pages

16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one college
savings alternative under the plan whereby purchasers enter into PACT contracts for the future
payment of tuition and mandatory fees at eligible educational institutions. The PACT Program
includes the PACT Trust Fund and the PACT Administrative Fund created pursuant to this chapter.
(b) The official location of the trust fund shall be the State Treasurer's office, and the
facilities of the State Treasurer shall be used and employed in the administration of the
fund including, but without limitation thereto, the keeping of records, the management of
bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-33C-6.htm - 5K - Match Info - Similar pages