14-2-8
Section 14-2-8 Powers - Generally. The authority shall have the following powers among others
specified in this chapter: (1) To have succession in its corporate name until the principal
of and interest on all bonds issued by it shall have been fully paid and until it shall have
been dissolved as provided in this chapter; (2) To maintain actions and have actions maintained
against it and to prosecute and defend in any court having jurisdiction of the subject matter
and of the parties thereof; (3) To have and to use a corporate seal and to alter such seal
at pleasure; (4) To establish a fiscal year; (5) To acquire and hold title to real and personal
property and to sell, convey, mortgage, or lease the same as provided in this chapter; (6)
To provide for the acquisition, construction, reconstruction, alteration, and improvement
of facilities and for the procurement of sites and equipment for such facilities and for the
lease thereof; (7) To lease facilities to the state, the department,...
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41-10-497
Section 41-10-497 Powers generally. The authority shall have the following powers among others
specified in this article: (1) To have succession in its corporate name until the principal
of and interest on all bonds issued by it shall have been fully paid and until it shall have
been dissolved as provided herein; (2) To maintain actions and have actions maintained against
it and to prosecute and defend in any court having jurisdiction of the subject matter and
of the parties thereof; (3) To have and to use a corporate seal and to alter such seal at
pleasure; (4) To establish a fiscal year; (5) To acquire and hold title to real and personal
property and to sell, convey, mortgage or lease the same as provided in this article; (6)
To provide for the construction, reconstruction, alteration and improvement of facilities
and for the procurement of sites and equipment for such facilities and for the lease thereof;
(7) To lease facilities to the state, or any agency or instrumentality of the...
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41-10-621
Section 41-10-621 Legislative findings and purpose. (a) The Legislature finds and declares
the following: (1) The State of Alabama has a great need from time to time to have access
to financing for economic development and industrial recruitment that does not involve improvements
to revenue-producing facilities. (2) It is desirable and in the public interest to establish
a state-level authority with the power to issue bonds for such general purposes. (3) The Alabama
Supreme Court has held, in effect, that only when the debt of a public corporation is payable
out of a new revenue source will such debt not be considered a debt of the state in contravention
of Section 213 of the Constitution of Alabama of 1901; the State of Alabama expects to receive
in the near future new revenues from the settlement of certain litigation between the state
and the tobacco industry. (4) By the passage of this division, it is the intention of the
Legislature to: a. Provide for the creation of a special...
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11-58-13
Section 11-58-13 Authority and procedure for dissolution of corporations; vesting of title
to funds and properties thereof in municipalities or counties upon dissolution; effect of
dissolution of corporation upon other such corporations. (a) Whenever the principal of and
interest on all bonds of a corporation payable from the revenues derived from the operation
of one or more medical clinics owned by the corporation have been paid in full, its board
of directors of the corporation may, by resolution, determine that the purposes for which
the corporation was formed have been substantially complied with, and shall thereupon execute
and file for record in the office of the judge of probate of the county in which the corporation
is organized a certificate of dissolution, reciting those facts and declaring the corporation
to be dissolved. The certificate of dissolution shall be executed under the corporate seal
of the corporation. (b) Upon the filing of the certificate of dissolution, the...
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39-7-22
Section 39-7-22 Powers generally; consent of Department of Finance required for issuance or
sale of bonds or other evidence of indebtedness by authority. (a) Subject only to the Constitution
of the State of Alabama, each authority incorporated under this chapter shall have power:
(1) To sue and be sued; (2) To have a seal and alter the same at pleasure; (3) To acquire,
by purchase, gift, devise, lease or exercise of the power of eminent domain or other mode
of acquisition, hold and dispose of property real and personal, tangible and intangible, and
interests therein in its own name, subject to mortgages or other liens or otherwise, and to
pay therefor in cash or on credit and to secure and procure payment of all or any part of
the purchase price thereof on such terms and conditions as it shall determine; (4) To make
and enter into contracts, indentures of trust, leases and bonds; (5) To borrow money and to
issue negotiable bonds and provide for the rights of the holders thereof; (6) To...
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11-50A-7
Section 11-50A-7 Tax exemptions; payments in lieu of taxes. All bonds, bond anticipation notes,
and notes issued by the authority, the interest thereon, and the income therefrom shall be
forever exempt from all taxation in the state. All income of the authority, all obligations,
lease agreements, and mortgages of the authority, all conveyances by or to the authority,
and all lien notices or other filings with respect to the property of the authority and the
transfer thereof shall be forever exempt from any and all taxation in the state. The purchase,
sale, or use of property by the authority shall be exempt from all sales, use, and license
taxes levied by the state and all political subdivisions of the state. All property of the
authority shall be exempt from ad valorem property taxation. Nevertheless, the authority,
or any agent of the authority designated for the purpose of constructing, maintaining, or
operating any project of the authority, shall pay to any validly constituted...
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11-61A-15
Section 11-61A-15 Issuance of bonds. (a) The authority may issue bonds under and secured by
an indenture between the authority and a trustee. The trustee may be a private person or corporation,
including, but not limited to, any trust company or bank having trust powers, whether the
bank or trust company is located within or without the state. (b) In any indenture or resolution
providing for the issuance of bonds, the authority may pledge, for payment of the principal
of and the interest on the bonds, any of its revenues to which its right then exists or may
subsequently come into existence and may assign, as security for the payment, any of its leases,
franchises, permits, and contracts. In any such indenture the authority may mortgage any of
its properties, including any properties subsequently acquired by it. Any pledge of revenues
shall be valid and binding from the time it is made, and the revenues pledged and subsequently
received by the authority, and any property of the...
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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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10A-20-7.10
Section 10A-20-7.10 Rights to shares, bonds, securities, or other evidences of corporate indebtedness.
(a) Notwithstanding any rule at common law, any provision of any general or special law or
any provision in their respective charters, agreements of association, certificate of formation,
or trust indentures: (1) Any person, including all domestic corporations organized for the
purpose of carrying on business within this state, and further including, without implied
limitation, public utility companies, insurance companies, foreign corporations licensed to
do business within this state, all financial institutions, as defined in Section 10A-20-7.01,
and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer,
mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness
created by, or the shares of the capital stock of, the corporation and, while owners of the
stock, to exercise all the rights, powers, and privileges of...
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22-29-11
Section 22-29-11 Temporary financing. In anticipation of the issuance of bonds, the authority
may borrow such sums as may be needed, not exceeding $500,000.00 to be outstanding at any
one time, for any of the purposes enumerated in this chapter and to obligate itself by certificate
or promissory note, bearing interest at a rate or rates to be specified by the authority,
and maturing within 18 months from date. Such certificates or promissory notes shall be payable
solely from the proceeds of the bonds of the authority and from the funds from which such
bonds are payable. In the event that state funds are not available for a state grant for a
project when application is made, in order to accelerate the completion of any project, the
local public body may, with the approval of the authority, obligate such local public body
to provide local funds to pay that portion of the cost of the project which the state will
make available by grant, and the state shall refund the amount expended on...
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