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11-57-21
Section 11-57-21 Liability of state or municipalities on bonds and obligations of authorities.
All obligations incurred by the authority and all bonds issued by it shall be solely and exclusively
an obligation of the authority and shall not create an obligation or debt of the State of
Alabama or of the municipality. (Acts 1961, No. 895, p. 1407, §20; Acts 1961, Ex. Sess.,
No. 289, p. 2335, §20.)...
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41-9-963
Section 41-9-963 Bonds and obligations solely and exclusively commission's; resolution
recital. (a) All obligations incurred by the commission and all bonds issued by it shall be
solely and exclusively an obligation of the commission and shall not create an obligation
or debt of the State of Alabama or any county or municipality. (b) All bonds issued by the
commission, while not registered, shall be construed to be negotiable instruments even though
they are payable from a limited source. All coupons applicable to any bonds issued by the
commission, while the applicable bonds are not registered as to both principal and interest,
shall likewise be construed to be negotiable instruments although payable from a limited source.
Bonds shall constitute legal investments for savings banks and insurance companies organized
under the laws of the state; and, unless otherwise directed by the court having jurisdiction
or the document that is the source of authority, a trustee, executor,...
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41-9-353
Section 41-9-353 Bonds and other obligations to be exclusively obligations of commission;
bonds and coupons to be negotiable instruments and to constitute legal investments for banks,
insurance companies and fiduciaries; effect of recital as to issuance in resolution authorizing
bonds. All obligations incurred by the commission and all bonds issued by it shall be solely
and exclusively an obligation of the commission and shall not create an obligation or debt
of the State of Alabama or any county or municipality therein. All bonds issued by the commission,
while not registered, shall be construed to be negotiable instruments even though they are
payable from a limited source. All coupons applicable to any bonds issued by the commission,
while the applicable bonds are not registered as to both principal and interest, shall likewise
be construed to be negotiable instruments although payable from a limited source. Such bonds
shall constitute legal investments for savings banks and...
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41-10-541
Section 41-10-541 Definitions. (a) The following words and phrases used in this division,
and others evidently intended as the equivalent thereof, shall, in the absence of clear implication
herein otherwise, be given the following respective interpretations herein: (1) APPROPRIATED
FUNDS. Net TVA payments to the extent such payments are pledged and appropriated to the authority
pursuant to Section 41-10-550. (2) AUTHORITY. The public corporation organized pursuant
to this division. (3) AUTHORITY GUARANTY. An agreement of the authority pursuant to which
the payment of debt service referable to bonds, notes, or other evidences of indebtedness
of a development agency is guaranteed by the authority. (4) AUTHORITY OBLIGATIONS. Bonds of
the authority and authority guaranties. (5) AUTHORITY-GUARANTEED OBLIGATIONS. Bonds, notes,
or other evidences of indebtedness of a development agency that are issued solely for the
purpose in financing a project and that are guaranteed, in whole or in part,...
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23-1-311
Section 23-1-311 Bonds and notes - Source of funds; pledge of funds for payment of principal
and interest thereon; negotiability. (a) The obligations authorized by this article shall
not be general obligations of the authority, but shall be payable solely out of the funds
appropriated and pledged in or permitted to be pledged pursuant to Sections 23-1-314 and 23-1-315.
(b) As security for the payment of the principal of and interest on the obligations issued
by it under this article, the authority is hereby authorized and empowered to pledge for payment
of the principal and interest the funds that are appropriated and pledged in or permitted
to be pledged pursuant to Sections 23-1-314 and 23-1-315 for payment of principal and interest,
and to pledge all of such funds or only certain of such funds for payment of principal and
interest, all within the discretion of the authority. (c) Any notes or temporary bonds issued
under this article shall also be payable from the proceeds of any...
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41-10-547
Section 41-10-547 Bonds of the authority. (a) The authority is authorized from time
to time to sell and issue its bonds for the purpose of financing project costs pertaining
to one or more projects or for the purpose of providing funds to pay training facility management
fees, or any combination of the foregoing including, without limitation, in the case of authority
obligations issued for the purpose of providing funds to pay training facility management
fees, costs, expenses, and other items of the type described in paragraphs g., h., i., and
j. of the definition of project costs in Section 41-10-541 or to enter into guaranty
agreements wherein the authority guarantees payment, in whole or in part, of debt service
referable to obligations issued by development agencies for the purpose of financing project
costs pertaining to one or more projects; provided, however, that the principal amount of
authority obligations shall not exceed three hundred million dollars ($300,000,000). For...
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11-28-1
Section 11-28-1 Legislative intent. It is the intention of the Legislature by the passage
of this chapter to authorize each county in the State of Alabama: (i) to sell and issue warrants
for the purpose of financing the costs of acquiring, by construction, purchase or otherwise,
any public facilities described in Section 11-28-1.1 that such county may be lawfully
authorized to acquire at the time of the issuance of such warrants and (ii) to sell and issue
warrants for the purpose of refunding any bonds, notes, warrants or other instruments evidencing
valid debt at any time incurred or assumed by such county to pay the costs of acquiring such
public facilities or to refund debt that, through one or more prior refundings, had been initially
incurred for the payment of such costs, it being the intention of this chapter that any debt
of such county may be refunded by warrants issued under this chapter irrespective of whether
such debt was initially incurred under this chapter or under...
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11-92A-16
Section 11-92A-16 Use of bonds, proceeds, etc. (a) The proceeds from the sale of any
bonds shall be applied as provided in the proceedings in which the bonds are authorized to
be issued, including without limitation, the payment of all legal, fiscal, and recording fees
and expenses incurred in connection with the authorization, sale, and issuance of the bonds
and, if so provided in the proceedings authorizing their issuance, interest on said bonds
(or if only a part of any issue of bonds is issued for acquisition purposes, interest on that
portion of the bonds of that issue that is issued to pay acquisition costs) for a reasonable
period prior to and during the time required for the acquisition, construction, and equipping
of the project. An authority may provide in the proceedings authorizing the issuance of bonds
for the funding of a debt service reserve and/or a replacement and extension reserve from
the proceeds of its bonds. (b) All contracts made by an authority and all bonds...
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11-86A-16
Section 11-86A-16 Application of proceeds from the sale of bonds; source of payment;
pledge of county's or municipality's credit; negotiability; exemption from taxation; pledge
as security for funds belonging to a public person; investment in bonds by fiduciaries; no
public hearing required; investment in bonds by Teachers' Retirement System of Alabama, the
Employees' Retirement System of Alabama, and the State Insurance Fund; investment in bonds
by public persons. (a) The proceeds from the sale of any bonds shall be applied as provided
in the proceedings in which the bonds are authorized to be issued, including, without limitation,
the payment of all legal, fiscal, and recording fees and expenses incurred in connection with
the authorization, sale, and issuance of the bonds and, if provided in the proceedings authorizing
their issuance, interest on the bonds (or if only a part of any issue of bonds is issued for
acquisition purposes, interest on that portion of the bonds of that issue...
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22-21-78
Section 22-21-78 Borrowing by corporation. (a) All securities of the corporation shall
be signed by the chairman of its board of directors and attested by its secretary, and the
seal of the corporation shall be affixed thereto. Any interest coupons applicable to the securities
of the corporation shall be signed by the chairman of the board of directors, but a facsimile
of such chairman's signature may be impressed on any such interest coupon in lieu of his manually
signing the same. Any securities of the corporation may be executed and delivered by it at
any time and from time to time, shall be in such form and denomination and of such tenor and
maturities, shall contain such provisions not inconsistent with this section and shall
bear such rate or rates of interest payable and evidenced in such manner as may be provided
by resolution of the board of directors. (b) Any borrowing may be effected by sale of such
securities at either public or private sale in such manner and at such price...
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