45-35A-52.09
Section 45-35A-52.09 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...
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45-41A-10.09
Section 45-41A-10.09 Boards of the authority. (a) 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)(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 insurance of the property covered by the mortgage and deed of trust...
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45-41A-40.09
Section 45-41A-40.09 Bonds of the 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...
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45-8A-111.09
Section 45-8A-111.09 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. 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. 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 insurance of...
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45-8A-20.09
Section 45-8A-20.09 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. 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. 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 insurance of...
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16-18B-14
Section 16-18B-14 Exemption from taxes; use of bonds as security; investment of funds. All
bonds (including refunding bonds) issued pursuant hereto, and the income therefrom (including
the interest income thereon) shall be free from all taxation by the state or any county, municipality,
or other political subdivision or instrumentality of the state, excepting inheritance, estate,
and gift taxes. Any bonds issued by the corporation may be used by the holder thereof as security
for any funds belonging to the state or to any instrumentality or agency of the state in any
instance where security for such deposits may be required by law. Unless otherwise directed
by the court having jurisdiction thereof, or by the document that is the source of authority,
a trustee, executor, administrator, guardian, or one acting in any other fiduciary capacity
may, in addition to any other investment powers conferred by law and with the exercise of
reasonable business prudence, invest trust and other...
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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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16-17A-8
Section 16-17A-8 Powers of authority. (a) An authority shall have and may exercise any power
granted nonprofit corporations under Title 10A, together with all powers incidental thereto
or necessary or desirable to the discharge thereof, including, without limitation, the following
specific powers: (1) To adopt, maintain, and amend bylaws and a corporate seal. (2) To sue
and, subject to the limitations herein, be sued; provided, however, that no authority entitled
to sovereign immunity shall be denied such immunity. (3) To acquire, construct, equip, and
operate those health care facilities it considers necessary or desirable. (4) To enter into
contracts and agreements, borrow money, incur indebtedness, and issue bonds, notes, debt securities,
or any other evidence of indebtedness. (5) To pledge the general credit of the authority or
any revenues or income of the authority to repayment of any of its indebtedness. (6) To mortgage
or pledge its health care facilities or its other assets or...
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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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