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16-65-7
Section 16-65-7 Proceeds from the sale of bonds, revenues, and other funds. (a) After
making adequate provision for the payment of the expenses of issuance, the authority is authorized
and empowered to use the proceeds of any bonds, together with any other available funds (1)
to finance equipment costs through equipment loans to educational institutions as herein authorized;
(2) to fund such reserves as the authority deems necessary and desirable; and (3) to the extent
not needed for the foregoing uses, to pay or redeem such bonds. (b) Pending the application
of the proceeds of bonds to the purpose or purposes of which such bonds were issued, such
proceeds may be invested by the authority in such manner consistent with the resolution pursuant
to which such bonds are issued, as the board of directors may deem advisable. (c) Any and
all revenues, receipts, investment earnings, and other funds paid to, or otherwise coming
into the possession of, the authority as the result of financings...
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41-10-654
Section 41-10-654 Bonds of the authority. (a) General authorization to issue bonds.
The authority is authorized from time to time to sell and issue the bonds in one or more series
in an aggregate principal amount of up to fifty million dollars ($50,000,000) in order to
provide the funds to pay project costs, ancillary costs, and training costs. (b) Source of
payment. The bonds authorized herein shall be solely and exclusively an obligation of the
authority and shall not create an obligation or debt of the state. Such bonds shall not be
general obligations of the authority but shall be payable solely from the pledged revenues.
(c) Security for the bonds. The principal of and interest on the bonds shall be secured by
a pledge of the pledged revenues and, if necessary and desirable in the authority's sole discretion,
a mortgage on any part of the project. The resolution under which the bonds are authorized
by the authority to be issued and any trust indenture or mortgage may contain any...
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11-89-8
Section 11-89-8 Bonds of district - Form, terms, denominations, etc.; sale; execution
and delivery; refunding; liability thereon; security for payment of principal and interest
and payment thereof generally; provisions in mortgages, deeds of trust or trust indentures
executed as security for payment of bonds generally. All bonds issued by the district shall
be signed by the chairman of its board or other chief executive officer and attested by its
secretary and the seal of the district shall be affixed thereto, and any interest coupons
applicable to the bonds of the district shall be signed by the chairman of its board or other
chief executive officer; provided, that a facsimile of the signature of one, but not both,
of said officers may be printed or otherwise reproduced on any such bonds in lieu of his manually
signing the same, a facsimile of the seal of the district may be printed or otherwise reproduced
on any such bonds in lieu of being manually affixed thereto and a facsimile of...
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11-101A-14
Section 11-101A-14 Securities payable out of revenues from projects, properties, etc.,
indenture may contain agreements; liens. (a) Securities issued by an authority shall not be
general obligations of the authority but shall be payable solely out of the revenues from
any project or other properties or assets, including, without limitation, proceeds from the
securities, investment income and insurance, and condemnation proceeds, owned by it, all as
may be provided or specified in the resolution of the board authorizing the securities or
the indenture under which issued. The principal of and interest, and premium, if any, on any
securities issued by the authority shall be secured by a pledge of the revenues out of which
the same are payable and may be secured by an indenture conveying as security for the securities
all or any part of its property, which indenture may be subject to foreclosure. (b) Any indenture
executed on behalf of the authority and any resolution of the board...
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41-10-755
Section 41-10-755 Bonds of the authority. (a) General. The authority is authorized from
time to time to sell and issue its bonds for the purpose of providing funds to be transferred
to and deposited in the Alabama Trust Fund and the Rainy Day Account, to provide additional
funds to the Alabama Medicaid Agency, for paying the costs of transportation projects, and
for the purpose of refunding any or all of the authority's outstanding bonds. (b) Sources
of payment. Bonds issued by the authority shall be solely and exclusively an obligation of
the authority and shall not create an obligation or debt of the state. Such bonds shall not
be general obligations of the authority but shall be payable solely from one or more of the
following sources: (1) Appropriated funds. (2) The income or proceeds realized by the authority
under any mortgage or security granted to the authority. (3) Amounts derived from any letter
of credit, insurance policy, or other form of credit enhancement applicable to...
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14-2-21
Section 14-2-21 Bonds - Security. The principal of, premium, if any, and interest on
the bonds of the authority shall be secured by any or all of the following, as the authority
may determine: (1) The rent and revenue for the use of one or more facilities of the authority;
(2) The net rent or sale proceeds from the Kilby property; (3) Any bond proceeds remaining
unexpended upon completion of all facilities to be constructed with such bond proceeds and
the payment of the cost thereof; (4) Any insurance proceeds which the authority may receive
by reason of its ownership of any of the facilities; and (5) Any mortgage upon or security
interest in one or more facilities of the authority, granted in connection with the issuance
of such bonds. The authority shall have authority to transfer and assign any lease of any
of the facilities and any lease or mortgage of the Kilby property as security for the payment
of such principal, premium, if any, and interest. The bonds may be issued under, and...
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41-10-626
Section 41-10-626 Bonds of the authority. (a) General. The authority is authorized from
time to time to sell and issue its bonds in limited amounts and for the purpose of promoting
economic development and industrial recruitment as specified by the Legislature from time
to time by separate act, provided that refunding bonds may be issued by the authority pursuant
to Section 41-10-627 without first obtaining separate authorization from the Legislature.
(b) Sources of payment. Bonds issued by the authority shall be solely and exclusively an obligation
of the authority and shall not create an obligation or debt of the state. Such bonds shall
not be general obligations of the authority but shall be payable solely from one or more of
the following sources: (1) Appropriated funds. (2) The income or proceeds realized by the
authority under any mortgage or security granted to the authority. (3) Amounts derived from
any letter of credit, insurance policy, or other form of credit enhancement...
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41-10-628
Section 41-10-628 Disposition of proceeds of bonds. (a) The authority is authorized
and empowered to apply the proceeds of any bonds for any of the following purposes or uses:
(1) For the purposes for which the bonds were authorized to be issued. (2) To fund any reserve
fund established in connection with an authorized issue if the authority deems the establishment
of such reserve fund to be necessary and desirable. (3) To pay for the cost of obtaining credit
enhancement for the bonds. (4) To pay capitalized interest on the bonds. (5) To pay the costs
of issuing the bonds. (6) If refunding bonds are issued pursuant to this division, to pay
debt service on and the redemption price of any bonds to be refunded. (b) Pending the application
of the proceeds of bonds of the authority to the purpose or purposes for which the bonds were
issued, the proceeds and any monies held in funds created as security for the bonds may be
invested by the authority in permitted investments, as the authority...
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41-10-44.3
Section 41-10-44.3 Additional powers of authority. In addition to the powers granted
to it in Section 41-10-26 and in Sections 41-10-37 through 41-10-43, the authority
shall have the following powers: (1) To adopt and alter bylaws for the regulation and conduct
of its affairs and business; (2) To borrow money and to issue project obligations, whether
or not the interest thereon is excluded from gross income for federal income tax purposes,
for the purpose of financing project costs, and to provide for the rights of the purchasers,
holders or owners of its project obligations; (3) To execute and deliver mortgages, security
agreements and trust indentures and other forms of agreements for the purpose of securing
its project obligations, and in connection therewith, to mortgage, pledge or assign the revenues,
receipts and other property of the authority received, and the financing agreements entered
into by the authority in connection with, the financing of projects under this Article 2A;...
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11-57-1
Section 11-57-1 Definitions. The following words and phrases, whenever used in this
chapter, shall have the following respective meanings, unless the context clearly indicates
otherwise: (1) AUTHORITY. A corporation organized pursuant to the provisions of this chapter.
(2) BOARD. The board of directors of the authority. (3) BOND. Any bond issued under the provisions
of this chapter, including refunding bonds. (4) COUNTY. That county in which the certificate
of incorporation of the authority shall be filed for record. (5) COUPON. Any interest coupon
evidencing an installment of interest payable with respect to a bond. (6) FISCAL YEAR. A fiscal
year of the municipality. (7) GOVERNING BODY. The council, board of commissioners, or other
like body in which the legislative functions of the municipality are vested by law. (8) INDENTURE.
A mortgage, an indenture of mortgage, deed of trust or trust indenture executed by the authority
as security for any bonds. (9) LEASE AGREEMENT. Any agreement...
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