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11-86A-12
Section 11-86A-12 Powers of authority generally. An authority shall have the following powers:
(1) To have succession by its corporate name until dissolved as provided in this chapter.
(2) To institute and defend legal proceedings in any court of competent jurisdiction and proper
venue; provided, however, that an authority may not be sued in any court other than the courts
of the county of incorporation; provided, further, that the officers, directors, agents, and
employees of an authority may not be sued for their actions on behalf of the authority except
for actions that are known by a person to be unlawful or are performed with reckless disregard
for the lawfulness of the actions. (3) To have and to use a corporate seal and to alter the
seal at its pleasure. (4) To establish a fiscal year. (5) To anticipate by the issuance of
its bonds the receipt of any revenues that may be appropriated by or to the authority and
to pledge the proceeds of the appropriations as security for the...
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23-1-157
Section 23-1-157 Bonds - Generally. (a) The bonds of the corporation shall be signed by its
president or vice president and attested by its secretary; provided, that a facsimile of the
signature of the officers may be imprinted or otherwise reproduced on any such bonds in lieu
of his or her signing the same. The seal of the corporation shall be affixed to such bonds;
provided, that a facsimile of the seal may be imprinted or otherwise reproduced on any such
bonds in lieu of being manually affixed thereon. (b) Any bonds of the corporation may be executed
and delivered at any time and from time to time, shall be in such form and denominations and
of such tenor and maturities, shall bear such rate or rates of interest payable and evidenced
in such manner, may contain provisions for redemption prior to maturity and may contain other
provisions not inconsistent with this article, all as may be provided by the resolution of
the board of directors whereunder such bonds are authorized to be...
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16-60-111.11
Section 16-60-111.11 Additional powers of board. (a) The board may exercise all of the following
powers: (1) To borrow money from the United States of America or any department or agency
thereof, or from any person, firm, corporation, or other lending agency for the purchase,
construction, enlargement, or alteration of any buildings or other improvements, including
dormitories, dining halls, classrooms, laboratories, libraries, stadiums, administration buildings,
and any other buildings and appurtenances thereto suitable for use by the institution or institutions
with respect to which the borrowing is made, or for the benefit of the Alabama Community College
System or one or more of its programs, the acquisition of furniture and equipment for any
thereof, the purchase of land, the beautification of grounds, and the construction of swimming
pools, tennis courts, athletic fields, and other facilities for physical education, all for
use by such institution or institutions, and for the...
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41-29-504
Section 41-29-504 Details respecting the bonds. The bonds of the authority shall be signed
by its president and attested by its secretary, and the seal of the authority shall be affixed
thereto or a facsimile of such seal shall be printed or otherwise reproduced thereon; provided,
that: (a) a facsimile of the signature of one, but not both, of the officers may be printed
or otherwise reproduced on any such bonds in lieu of being manually subscribed thereon, and
(b) a facsimile of the signatures of both of the officers may be printed or otherwise reproduced
on such bonds in lieu of being manually affixed thereof if the authority, in its proceedings
with respect to issuance of the bonds, provides for manual authentication of such bonds and
the secretary designates a trustee or paying agent or named individuals who are employees
of the state and who are assigned to the finance department or the state treasurer's office
of the state to authenticate the bonds. Any bonds of the authority may...
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16-16-14
Section 16-16-14 Use of bond proceeds for loans to local boards of education. The proceeds
derived from the sale of any bonds issued pursuant to subsection (b) of Section 3 of Act 98-373
shall be deposited in the State Treasury and shall be carried in a separate fund therein for
the account of the authority, which shall pay therefrom the expenses of issuance thereof.
The proceeds from the sale of the bonds remaining after payment of the expenses of issuance
thereof shall be retained in such fund and, until they are paid out, shall be invested by
the State Treasurer at the direction of the authority in permitted investments which mature
at such time or times as the authority shall direct. Monies in the fund (whether original
proceeds from the sale of the bonds or principal proceeds of matured permitted investments)
shall be available for loan by the authority. The authority is hereby authorized to loan,
and each local board of education is hereby authorized to borrow, such monies under...
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41-10-751
Section 41-10-751 Definitions. When used in this article, the following terms shall have the
following meanings, unless the context clearly indicates otherwise: (1) ALABAMA TRUST FUND.
The trust fund of the state created under Amendment 450 to the Constitution of Alabama of
1901, and appearing as ยง219.02 of the Official Recompilation of the Constitution of Alabama
1901, as amended. (2) APPROPRIATED FUNDS. The BP settlement revenues deposited in the special
fund to the extent such revenues are appropriated to the authority pursuant to Section 41-10-759.
(3) AUTHORITY. The Alabama Economic Settlement Authority authorized to be established pursuant
to Section 41-10-752. (4) BONDS. Those bonds, including refunding bonds, issued pursuant to
this article. (5) BP SETTLEMENT REVENUES. Revenues received by the state in settlement of
economic damages claims of the state against BP Exploration and Production, Inc. and any of
its corporate affiliates arising out of the Deepwater Horizon oil spill...
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11-54-178
Section 11-54-178 Powers of authority; location of projects; public meetings. (a) An authority
shall have the following powers, together with all powers incidental thereto or necessary
to the discharge thereof in corporate form: (1) To have succession by its corporate name for
the duration of time (which may be perpetuity, subject to the provisions of Section 11-54-189)
specified in its certificate of incorporation. (2) To sue and be sued in its own name and
to prosecute and defend civil actions in any court having jurisdiction of the subject matter
and of the parties. (3) To adopt and make use of a corporate seal and to alter the same at
pleasure. (4) To adopt and alter bylaws for the regulation and conduct of its affairs and
business. (5) To acquire, whether by purchase, construction, exchange, gift, lease, or otherwise
and to refinance existing indebtedness on, improve, maintain, equip, and furnish one or more
projects, including all real and personal properties which the board of...
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11-85-107
Section 11-85-107 Bonds - Authentication; redemption; sale; refunding; use of proceeds; security;
investment of funds. The bonds of the authority shall be signed by its president and attested
by its secretary and the seal of the authority shall be affixed thereto or a facsimile of
such seal shall be printed or otherwise reproduced thereon; provided, that a facsimile of
the signature of one, but not both, of said officers may be printed or otherwise reproduced
on any such bonds in lieu of being manually subscribed thereon and a facsimile of the signatures
of both of the officers may be printed or otherwise reproduced on such bonds in lieu of being
manually affixed thereof if the authority, in its proceedings with respect to issuance of
the bonds, provides for manual authentication of such bonds. The State Treasurer shall be
registrar, transfer agent, and paying agent for the bonds. The State Treasurer may designate
named individuals who are employees of the state and who are assigned to...
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41-10-44.6
Section 41-10-44.6 Project obligations generally. (a) Issuance of project obligations. The
authority is authorized and empowered to issue its project obligations from time to time for
the purpose of financing one or more projects in such aggregate principal amount as the board
of directors shall determine to be necessary to provide for all or a portion of the project
costs of the project or projects being financed and to pay the expenses of issuing the project
obligations. (b) Source of payment. All project obligations issued by the authority shall
be limited obligations of the authority payable solely from any combination of the following:
(1) The revenues and receipts of the authority derived from the financing agreement or agreements
entered into by the authority with respect to the project or projects financed by such project
obligations; (2) the income or proceeds realized by the authority under any mortgage or other
security granted to the authority; (3) amounts derived from any...
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11-101A-2
Section 11-101A-2 Definitions. As used in this chapter, the following terms shall have the
following meanings, respectively, unless the context clearly indicates otherwise: (1) APPLICANT.
A natural person who files a written application with the governing body of a county or municipality,
or two or more thereof, in accordance with Section 11-101A-3. (2) AUTHORITY. A public corporation
organized pursuant to this chapter. (3) AUTHORIZING RESOLUTION. A resolution adopted by the
governing body of an authorizing subdivision in accordance with Section 11-101A-3, that authorizes
the incorporation of an authority under this chapter. (4) AUTHORIZING SUBDIVISION. Each county
and municipality with the governing body of which an application for the incorporation of
an authority under this chapter is filed. (5) BOARD. The board of directors of an authority.
(6) BONDS. Any bonds authorized to be issued by an authority hereunder, including refunding
bonds. (7) CODE. The Code of Alabama 1975. (8)...
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