11-49B-10
Section 11-49B-10 Contracts to secure bonds and assumed obligations. As security for
payment of the principal of and the interest on bonds issued or obligations assumed by it,
the authority may do the following: (1) Enter into a contract or contracts binding itself
for the proper application of the proceeds of bonds and other funds, for the continued operation
and maintenance of any transit system owned by it, or any part of the system. (2) Impose and
collect reasonable rates for any service furnished by the system. (3) Promulgate rules and
regulations respecting any service furnished by the system. (4) Provide for the disposition
and application of its gross revenues received by the system. (5) Do any act or series of
acts not inconsistent with this chapter for the protection of the bonds and other obligations
being secured by the authority. (6) Assure that the revenues derived from the system, when
added to all other moneys of the authority, will be sufficient to operate and maintain...

alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-49B-10.htm - 1K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-86A-15.htm - 3K - Match Info - Similar pages

11-92A-15
Section 11-92A-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 any trust company or bank having trust powers, whether such trust company or
bank is located within or without the state. In any such 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 right then exists or may thereafter
come into existence, including, but not limited to, revenues or other money or property pledged
to it by any public or private person, and may assign, as security for such payment, any of
its leases, loan agreements, franchises, permits, and contracts. In any such indenture, an
authority may mortgage any of its 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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-92A-15.htm - 4K - Match Info - Similar pages

41-10-326
Section 41-10-326 Special funds for payment of bonds, insurance, and other expenses.
In the resolution or proceedings authorizing the issuance of any bonds or any temporary loan
or in any indenture of trust, the authority may provide for the establishment of one or more
special funds for the payment of the principal of, or interest on, the bonds or notes, one
or more reserve funds therefor and a fund, or funds, for the payment of insurance premiums
or other expenses with respect to the ownership and leasing of the facilities. Any such special
funds shall be held as trust funds pursuant to agreement with such trustee bank or banks as
may be designated by the commission. The authority shall establish and maintain appropriate
records pertaining to such funds. Such records shall be available at all reasonable times
to public inspection. (Acts 1986, No.86-546, p. 1093, §27.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-326.htm - 1K - Match Info - Similar pages

11-50A-21
Section 11-50A-21 Proceeds of bonds. Proceeds of the bonds issued under authority of
this chapter shall be used solely for the payment of the costs of a project or combined projects,
and any other corporate purposes of the authority, and shall be disbursed upon requisition
or order of the persons and under such restrictions as the resolution authorizing the issuance
of the bonds or the trust agreement or indenture may provide. If the proceeds of the bonds
of any issue shall exceed the amount required for the purpose for which the bonds are issued,
the surplus shall be paid into the fund provided for the payment of principal of and interest
on the bonds. In the discretion of the authority, bonds of a single issue or series of any
issue may be issued for the purpose of paying the costs of any one or more projects, including
a combination of projects. (Acts 1981, No. 81-681, p. 1114, §21.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50A-21.htm - 1K - Match Info - Similar pages

37-13-13
Section 37-13-13 Bonds of authority - Security. In the discretion of the authority any
bonds may be issued under and secured by an indenture between the authority and a trustee.
Said trustee may be a private person or corporation, including (but not limited to) any trust
company or bank having trust powers, whether such bank or trust company is located within
or without the state. In any such indenture or resolution providing for the issuance of bonds,
the authority may pledge, for payment of the principal of and the interest on such bonds,
any of its revenues to which its right then exists or may thereafter come into existence and
may assign, as security for such payment, any of its leases, franchises, permits and contracts;
and in any such indenture, the authority may mortgage any of its properties, including any
that may be thereafter acquired by it. Any such pledge of revenues shall be valid and binding
from the time it is made, and the revenues so pledged and thereafter received...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-13-13.htm - 4K - Match Info - Similar pages

4-3-17
Section 4-3-17 Security for bonds. In the discretion of the authority, any bonds may
be issued under and secured by an indenture between the authority and a trustee. Said trustee
may be a private person or corporation, including but not limited to any trust company or
bank having trust powers, whether such bank or trust company is located within or without
the state. In any such indenture or resolution providing for the issuance of bonds, the authority
may pledge, for payment of the principal of and the interest on such bonds, any of its revenues
to which its right then exists or may thereafter come into existence and may assign as security
for such payment, any of its leases, franchises, permits and contracts; and, in any such indenture
the authority may mortgage any of its properties, including any that may be thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received by the authority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/4-3-17.htm - 4K - Match Info - Similar pages

45-37A-56.35
Section 45-37A-56.35 Security of bonds. In the discretion of the authority any bonds
may be issued 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 such bank or trust company is located within or without
the state. In any such indenture or resolution providing for the issuance of bonds the authority
may pledge, for payment of the principal of and the interest on such bonds, any of its revenues
to which its right then exists or may thereafter come into existence and may assign, as security
for such payment, any of its leases, franchises, permits, and contracts; and in any such indenture
the authority may mortgage any of its properties, including any properties thereafter acquired
by it. Any such pledge of revenues shall be valid and binding from the time it is made, and
the revenues so pledged and thereafter received by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-37A-56.35.htm - 4K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-61A-15.htm - 4K - Match Info - Similar pages

45-23A-91.09
Section 45-23A-91.09 Bonds of authority. (a) Source of payment. All bonds issued by
the authority shall be payable solely out of the revenues and receipts derived from the leasing
or sale by the board of its projects or of any thereof as may be designated in the proceedings
of the board under which the bonds shall be authorized to be issued. (b) Pledge of revenues,
receipts, and other security. (1) The principal of and interest on any bonds issued by the
authority shall be secured by a pledge of the revenues and receipts out of which the same
may be payable and may be secured by a mortgage and deed of trust or trust indenture conveying
as security for such bonds all or any part of the property of the authority from which the
revenues or receipts so pledged may be derived. (2) The resolution under which the bonds are
authorized to be issued and any such mortgage and deed of trust or trust indenture may contain
any agreements and provisions respecting the operation, maintenance, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-23A-91.09.htm - 5K - Match Info - Similar pages