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41-10-45.3
Section 41-10-45.3 Loans; maximum amount of project obligations; refinancing; investment
of funds. (a) The authority may provide loans to an eligible borrower to pay for all or part
of the eligible expenses of a qualifying project pursuant to a targeted county financing agreement.
A loan may have a maturity or maturities not exceeding 20 years from its date, may bear interest
or be interest free, may not exceed the maximum loan amount, and may contain terms not in
conflict with the provisions of this article, all as the governing body of the authority may
provide in the proceedings pursuant to which the loan is authorized to be issued. The authority
may provide, in its discretion, that the loan shall bear interest at a rate or rates fixed
at the time of the issuance thereof, or at fixed rates which may be changed from time to time
during the term of the loan in accordance with an objective procedure determined by the authority
at the time of the issuance of the loan, or at a floating...
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41-10-45.1
Section 41-10-45.1 Definitions. The following words and phrases shall have the following
meanings when used in this article: (a) AUTHORITY. The State Industrial Development Authority,
a public corporation of the state, organized and existing under Articles 2, 2A, and 2B of
this Chapter. (b) DEPARTMENT. The Alabama Department of Commerce. (c) ELIGIBLE BORROWER. A
municipality, county, industrial development authority organized under Chapter 92A of Title
11, industrial development board organized under Article 4, Chapter 54 of Title 11, or nonprofit
organization organized to foster economic development and described in Section 501(c)
of the Internal Revenue Code of 1986, as in effect from time to time. (d) ELIGIBLE EXPENSES.
Expenses relating to land acquisition, site preparation or development, building improvements,
building construction, building renovations, infrastructure, and any other real or personal
property deemed necessary or useful in connection therewith. (e) ELIGIBLE...
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23-7-5
Section 23-7-5 Powers and functions. (a) In addition to the powers contained in other
provisions of this chapter, the bank has all power necessary, useful, or appropriate to fund,
operate, and administer the bank, and to perform its other functions including, but not limited
to, the following power to: (1) Have perpetual succession. (2) Adopt, promulgate, amend, and
repeal bylaws, not inconsistent with this chapter for the administration of the bank's affairs
and the implementation of its functions including the right of the board to select qualifying
projects and to provide loans and other financial assistance. (3) Sue and be sued in its own
name. (4) Have a seal and alter it at pleasure, although the failure to affix the seal does
not affect the validity of an instrument executed on behalf of the bank. (5) Make loans to
qualified borrowers to finance the eligible costs of qualified projects and to acquire, hold,
and sell loan obligations at prices and in a manner as the board...
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39-2-12
Section 39-2-12 Partial and final payments of contractors by awarding authorities. (a)
As used in this section the following words shall have the meanings ascribed to them
as follows: (1) CONTRACTOR. Any natural person, partnership, company, firm, corporation, association,
limited liability company, cooperative, or other legal entity licensed by the Alabama State
Licensing Board for General Contractors. (2) NONRESIDENT CONTRACTOR. A contractor which is
neither a. organized and existing under the laws of the State of Alabama, nor b. maintains
its principal place of business in the State of Alabama. A nonresident contractor which has
maintained a permanent branch office within the State of Alabama for at least five continuous
years shall not thereafter be deemed to be a nonresident contractor so long as the contractor
continues to maintain a branch office within Alabama. (3) RETAINAGE. That money belonging
to the contractor which has been retained by the awarding authority conditioned on...
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41-10-45.4
Section 41-10-45.4 Repayment of loans. (a) In order to provide for the repayment of
a loan by a qualifying borrower for a project, the qualifying borrower is hereby authorized
and empowered to do and perform any one or more of the following: (1) To obligate itself to
pay to the authority at periodic intervals a sum sufficient to repay the authority loan according
to the terms thereof; (2) To levy, collect, and pay over to the authority and to obligate
itself to continue to levy, collect, and pay over to the authority the proceeds of any fee,
charge, license, permit, tax, or other source of revenue; (3) To undertake and obligate itself
to pay its contractual obligation to the authority solely from the proceeds from any one or
more of the sources specified in paragraph (2), or to impose upon itself a general obligation
pledge to the authority additionally secured by a pledge of any one or more of such sources;
(4) To obligate itself to continue to levy and collect such revenues, fees,...
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16-23-24
Section 16-23-24 Teacher Education Scholarship Loan Program established; use; subsequent
obligations; funding; rule-making authority; provisions for current scholarship recipients.
(a) Effective October 1, 1993, there is established a Teacher Education Scholarship Loan Program
(hereinafter referred to as "the program") to provide for the education of certified,
employed public school teachers to be trained in the use of integrating technology skills
in the curriculum. First priority shall be given to those certified public school teachers
in the fields of English, science, mathematics, and social science and history and those who
teach pupils in kindergarten to grade six, inclusive. Twenty-five percent of the funds available
through this program shall be targeted for minority teachers. When moneys are available for
scholarship loans for teachers above and beyond the first priority group, the State Board
of Education shall designate other critical needs areas for scholarship loans. (b)...
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22-23B-7
Section 22-23B-7 Purpose; issuing, selling and refunding of bonds. For the purpose of
providing funds for the authority to make loans to public bodies for a project or projects,
or for the payment of obligations incurred or temporary loans made for any of said purposes,
the authority is hereby authorized, from time to time, to issue and sell its bonds or other
evidences of indebtedness. Such bonds may be issued in one or more series; shall be in such
form and denominations and of such terms and maturities, not exceeding 30 years from the date
of issue of each series; shall bear such rate or rates of interest, payable and evidenced
in such manner; may contain such provisions for registration or for redemption prior to maturity;
and may contain such other provisions not inconsistent herewith, all as may be provided by
the authorizing resolution. As security for the payment of the principal of and interest on
its bonds, the authority is authorized to pledge, transfer and assign any...
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23-7-2
Section 23-7-2 Definitions. For the purposes of this chapter, the following words shall
have the following meanings: (1) BANK. The Alabama Transportation Infrastructure Bank. (2)
BOARD. The board of directors of the bank. (3) BONDS. Includes bonds, notes, or other evidence
of indebtedness except as otherwise provided in this chapter. (4) DEPARTMENT or DEPARTMENT
OF TRANSPORTATION. The Alabama Department of Transportation. (5) ELIGIBLE COST. As applied
to a qualified project to be financed from the federal highway account, the costs that are
permitted under applicable federal laws, requirements, procedures, and guidelines in regard
to establishing, operating, and providing assistance from the bank. As applied to a qualified
project to be financed from the state highway account, these costs include the costs of preliminary
engineering, traffic, and revenue studies; environmental studies; right-of-way acquisition;
legal and financial services associated with the development of the...
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11-101A-8
Section 11-101A-8 Powers of authority. (a) In addition to all other powers granted elsewhere
in this chapter, and subject to the express provisions of its certificate of incorporation,
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 in perpetuity, specified in its certificate of
incorporation, or until dissolved as provided in Section 11-101A-24. (2) To sue and
be sued in its own name in civil suits and actions, and to defend suits and actions against
it, subject, however, to Chapter 93 of this title, which chapter is hereby made applicable
to the authority. (3) To adopt, alter, amend, and repeal bylaws, regulations, and rules for
the regulation and conduct of its affairs and business. (4) To adopt and make use of a corporate
seal and to alter the same at pleasure. (5) To acquire, whether by purchase,...
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16-18A-4
Section 16-18A-4 Powers and duties. The purpose of the authority shall be to assist
institutions for higher education in the construction, financing and refinancing of the projects.
The exercise by the authority of the powers conferred by this chapter shall be deemed and
held to be the performance of an essential public function. For the purpose of this chapter,
the authority shall have the powers and duties set forth in this section. (1) To adopt
an official seal and alter the same at its pleasure. (2) To sue and be sued in contract and
in tort and to complain and defend in all courts of law and equity. (3) To maintain an office
at such place or places as it may designate. (4) To determine the location and character of
any project financed under this chapter, to acquire, construct, reconstruct, remodel, maintain,
manage, enlarge, alter, add to, repair, operate, lease as lessee or lessor, sell or otherwise
dispose of, any project in any manner it deems to the best advantage of the...
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