41-10-654
Section 41-10-654 Bonds of the authority. (a) General authorization to issue bonds. The authority is authorized from time to time to sell and issue the bonds in one or more series in an aggregate principal amount of up to fifty million dollars ($50,000,000) in order to provide the funds to pay project costs, ancillary costs, and training costs. (b) Source of payment. The bonds authorized herein shall be solely and exclusively an obligation of the authority and shall not create an obligation or debt of the state. Such bonds shall not be general obligations of the authority but shall be payable solely from the pledged revenues. (c) Security for the bonds. The principal of and interest on the bonds shall be secured by a pledge of the pledged revenues and, if necessary and desirable in the authority's sole discretion, a mortgage on any part of the project. The resolution under which the bonds are authorized by the authority to be issued and any trust indenture or mortgage may contain any...
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11-58-8
Section 11-58-8 Bonds - Security for payment of principal and interest; remedies upon default. The principal of and interest on any bonds issued by a corporation organized under the authority of this chapter shall be secured by a pledge of the rentals and other receipts of all or any part of the medical clinic and its facilities financed in whole or in part with the proceeds of such bond issue or with the proceeds of bonds refunded or to be refunded by such issue, may be secured by a mortgage covering all or any part of the clinic from which the revenues so pledged may be derived and may be secured by a pledge of the lease of such clinic. The proceedings under which such bonds are authorized to be issued or any such mortgage may contain any agreements and provisions customarily contained in instruments securing bonds, including, without limiting the generality of the foregoing, provisions respecting the fixing and collection of rents for any clinic or clinical facilities covered by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-58-8.htm - 2K - Match Info - Similar pages
45-29-90.09
Section 45-29-90.09 Bonds authorized. The authority may: (1) Sell and issue its bonds from time to time in order to provide funds for any corporate function, use, or purpose, all such bonds to be payable solely out of the revenues derived from the facilities and other property of the authority or out of the revenues of any particular facilities and other property of the authority; and (2) Secure such bonds by a pledge of all or any of the revenues which may now or hereafter come to the authority from any source, by a mortgage or deed of trust covering the authority's land or any part thereof, or under the provisions of a trust indenture, or by a combination of one or more thereof; provided, that all obligations created or assumed and all bonds issued by the authority shall be solely and exclusively obligations of the authority and shall not create an obligation or debt of the state or of any county or municipality. (Act 91-277, p. 517, ยง10.)...
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11-81-16
Section 11-81-16 Pledge of revenues from certain taxes, utilities, etc., for payment of principal and interest on bonds. In any case in which a county or municipality may hereafter issue any bonds which are general obligations of such county or municipality, there may be pledged to the payment of the principal of an interest on such bonds all or any part or portion of funds which may be derived from any one or more of the following sources and which shall not be required for the purpose of making good any valid pledge thereof theretofore made or which are not required by the Constitution to be devoted to other purposes and which such county or municipality may at any time be authorized to levy, collect or receive: (1) The proceeds of any property tax; (2) The proceeds of any license, privilege or occupational tax, excepting such license taxes as may be levied by municipalities for conducting business outside their corporate limits; (3) The portion of any license, privilege or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-81-16.htm - 3K - Match Info - Similar pages
23-7-17
Section 23-7-17 Bonds authorized. (a) Whenever it shall become necessary that monies be raised for qualified projects, including monies to be used to refund any bonds then outstanding, the bank may issue bonds as provided in this chapter. (b) The bank may pledge any of its revenue or funds to the payment of its bonds, subject to any prior pledges for other 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, pledges by Alabama Federal Aid Highway Finance Authority and Alabama Highway Finance Corporation of the revenues for bonds issued by those entities. Bonds may be secured by a pledge of any loan obligation owned by the bank, any grant, contribution, or guaranty from the United States, the state, or any corporation, association, institution, or person, any other financial assistance provided by the bank, any bond insurance, guarantees, letters of...
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33-10-24
Section 33-10-24 Issuance of bonds. The commission is granted the power to incur debt and issue bonds by any of the means authorized by the Constitution and laws of the State of Alabama. Any revenue-producing wharf, dock, warehouse, elevator, industrial facility or other structure owned by or to be acquired by the commission from proceeds of bonds issued by it is hereby declared to be a revenue-producing public utility as that term is used and defined by the Constitution and laws of the state in connection with the issuance of revenue bonds of political subdivisions of the state. As an additional grant of authority beyond other provisions of the Constitution, the commission is authorized to issue negotiable bonds for any purpose within their delegated authority, and to pledge for the payment of the principal and interest of such negotiable bonds the income and revenues derived or to be derived from the properties and facilities maintained and operated by them or received by the...
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11-50-348
Section 11-50-348 Liability upon revenue bonds, etc.; payment of bonds and expenses. Revenue bonds issued under the provisions of this article shall not be deemed to constitute a debt of the city or a pledge of the faith and credit of the city, but such bonds shall be payable solely from the funds provided therefor from revenues. All such revenue bonds shall contain on the face thereof a statement to the effect that neither the city nor the board shall be obligated to pay the same or the interest thereon except from revenues of the water system or sewer system in connection with which they are issued and that neither the faith and credit nor the taxing power of the city is pledged to the payment of the principal of or the interest on such bonds. All expenses incurred in carrying out the provisions of this article shall be payable solely from funds provided under the authority of this article, and no liability or obligation shall be incurred by the board under this article beyond the...
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22-3A-16
Section 22-3A-16 Appropriation made; Debt Service Reserve Fund established. (a) For the purpose of providing funds to enable the authority to pay on their respective due dates the principal of and the interest and premium (if any) on any bonds issued by it under the provisions of this chapter and to accomplish the objects of this chapter, there is hereby irrevocably pledged to such purpose and there is hereby appropriated so much as may be necessary for such purpose of the receipts from the incremental and additional excise taxes or fees levied on the disposal of hazardous waste or hazardous substances by the provisions of (i) the act resulting from the enactment of House Bill 310 introduced at the 1990 Regular Session of the Alabama Legislature (whether such bill is enacted before or after this chapter) or (ii) any other statute, now or hereafter enacted, which appropriates or pledges such a tax or fee for the payment of the principal of and the interest and premium (if any) on bonds...
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41-10-356
Section 41-10-356 Powers of authority. The authority shall have the following powers among others specified in this article: (1) To have succession by its corporate name until dissolved as provided in this article; (2) To sue and be sued and to prosecute and defend, at law or in equity, in any court having jurisdiction of the subject matter and of the parties thereto; (3) To have and to use a corporate seal and to alter the same at pleasure; (4) To make and alter all needful bylaws, rules and regulations for the transaction of the authority's business and the control of its property and affairs; (5) To provide for the acquisition, construction, installation, equipping, operation and maintenance of mental health facilities, including the equipping and improvement of existing mental health facilities; (6) To receive, take and hold by sale, gift, lease, devise or otherwise, real and personal property of every description, and to manage the same; (7) To acquire by purchase, gift, or any...
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11-47-224
Section 11-47-224 Bonds of an authority - Payment out of revenues; security for payment; mortgages, security interests, or assignments as security for payment. (a) Any bonds issued by an authority shall be revenue bonds and shall be payable solely out of the revenues of the authority as may be designated in the proceedings of the board under which the bonds are authorized to be issued. (b) As security for payment of the principal of and interest on any bonds issued or assumed by it, an authority may enter into a contract or contracts, and adopt resolutions or other proceedings containing provisions constituting a part of the contract or contracts with the holders of the bonds, pertaining to, among other things, the following: (1) Pledging all or any part of the revenues of the authority to secure the payment of the bonds. (2) Pledging, assigning, or mortgaging all or any part of the assets of the authority to secure the payment of the bonds. (3) The creation of reserve, sinking, or...
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