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4-3-54
Section 4-3-54 Bonds - Security for payment of principal and interest. 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, rents, income or funds 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...
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11-50-172
Section 11-50-172 Provision by transferor for payment of outstanding bonds, mortgages, indentures,
etc. If there are outstanding any bonds, mortgages, indentures, resolutions, or other obligations,
including revenue bonds or other securities, payable from or secured by a pledge of the revenues
or earnings of or constituting a lien upon the water system or systems proposed to be transferred
and conveyed under the provisions of this article, the public corporation proposing to make
such transfer and conveyance: (1) Shall make provision for the assumption by the transferee
public corporation of the due and prompt payment of the principal of and interest on such
bonds or other obligations and the due and prompt performance of all other agreements and
conditions in the manner authorized by such outstanding bonds, mortgages, indentures, resolutions,
or other obligations, or (2) In the absence of any such authorization or, at the election
of the transferor and transferee public corporations,...
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11-61A-2
Section 11-61A-2 Definitions. Unless the context plainly indicates otherwise, the following
words and terms have the meanings ascribed to them: (1) AUTHORITY. A public corporation organized
under this chapter. (2) BOARD. The board of directors of an authority organized under this
chapter. (3) BOND. Any bond authorized to be issued under this chapter. (4) COUPON. Any interest
coupon evidencing an installment of interest payable with respect to a bond. (5) DIRECTOR.
A member of a board. (6) GOVERNING BODY. The body in which the general legislative powers
of the municipality are vested. (7) INDENTURE. A mortgage, an indenture of mortgage, deed
of trust, trust agreement, or trust indenture executed by an authority as security for its
bonds. (8) MUNICIPALITY. A Class 2 municipality subject to this chapter. (9) PARKING FACILITY.
Any building, structure, land, right-of-way, equipment, or instrumentality used or useful
in either of the following ways: a. In connection with the construction,...
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41-10-142
Section 41-10-142 Bonds - Issuance; form, terms, denominations, etc.; sale; refunding bonds;
negotiable; security for payment. All bonds issued by an authority may be executed by such
officers of the authority and in such manner as shall be provided in the proceedings of the
board whereunder the bonds shall be authorized to be issued. Any such bonds may be executed
and delivered by an authority at any time and from time to time, shall be in such form and
denominations and of such tenor and maturities, shall contain such provisions not inconsistent
with the provisions of this article and shall bear such rate or rates of interest, payable
and evidenced in such manner as may be provided by resolution of its board. Bonds of an authority
may be sold at either public or private sale in such manner and at such price or prices and
at such time or times as may be determined by the board to be most advantageous. The principal
of or interest on any bonds issued or obligations assumed by an...
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45-30-250.08
Section 45-30-250.08 Rates, fees, and charges. Rates, fees, and charges for water service rendered
by the authority from any of its systems shall be fixed and periodically revised so as to
provide at all times funds sufficient to: (1) Pay the cost of operating, maintaining, repairing,
replacing, extending, and improving the systems from which services are rendered. (2) Pay,
upon becoming due and payable, the principal of and the interest on all bonds and obligations
assumed by the authority that are payable out of the revenues derived from operation of those
systems and facilities and revenues from any tax sources and fees. (3) Create and maintain
reserves for the foregoing purposes as may be provided in any mortgage, deed of trust, or
trust indenture executed by the authority under this article or in any resolutions of the
board authorizing the assumption of any obligation of the acquisition of any system. (4) Make
annual payments, if any, that the authority has contracted to make, to...
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45-37A-56.22
Section 45-37A-56.22 Definitions. Unless the context plainly indicates otherwise, the following
words and terms shall have the meanings hereby ascribed to them: (1) AUTHORITY. A public corporation
organized under this subpart. (2) BOARD. The board of directors of the authority (3) BOND.
Any bond authorized to be issued under this subpart. (4) CITY. A city subject to this subpart.
(5) COUPON. Any interest coupon evidencing an installment of interest payable with respect
to a bond. (6) DIRECTOR. A member of the board. (7) GOVERNING BODY. The body in which the
general legislative powers of the city are vested. (8) INDENTURE. A mortgage, and indenture
of mortgage, deed of trust, trust agreement, or trust indenture executed by the authority
as securityfor its bonds. (9) PARKING FACILITY. Any building, structure, land, right-of-way,
equipment, or instrumentality used or useful in connection with the construction, enlargement,
development, maintenance, or operation of an area or building for...
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10A-20-7.04
Section 10A-20-7.04 Powers of corporation. In furtherance of its purposes and in addition to
the powers now or hereafter conferred on business corporations by Alabama statutes, the corporation
shall, subject to the restrictions and limitations contained in this section, have the following
powers: (1) To elect, appoint, and employ officers, agents, and employees to make contracts
and incur liabilities for any of the purposes of the corporation; provided, that the corporation
shall not incur any secondary liability by way of guaranty or endorsement of the obligations
of any person, firm, corporation, joint stock company, association, or trust or in any other
manner. (2) To borrow money from its members and the small business administration and any
other similar federal agency for any of the purposes of the corporation, to issue therefor
its bonds, debentures, notes, or other evidences of indebtedness, whether secured or unsecured,
and to secure the same by mortgage, pledge, deed of...
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11-50-8
Section 11-50-8 Execution of mortgages or deeds of trust as security for debts, etc., incurred
in construction, acquisition, etc., of waterworks, electric lighting, or power plants, etc.
All cities and towns, in order to secure the prompt and faithful payment of the principal
and interest of all debts, bonds, or other evidence of indebtedness heretofore or hereafter
incurred or issued by such cities or towns for the construction, acquisition, extension, or
maintenance of waterworks systems or plants, electric lighting plants or systems or power
plants or systems, whether such plants or systems are owned and operated separately or in
conjunction, may execute a mortgage or deed of trust upon any or all of any such plants or
systems and all property used in connection therewith, including the franchise or any part
thereof, whether such property is now owned or hereafter acquired by such city or town. (Acts
1921, Ex. Sess., No. 8, p. 6; Code 1923, ยง2006; Acts 1933, Ex. Sess., No. 9, p. 6;...
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11-54B-48
Section 11-54B-48 Collection of special assessment. (a) The self-help business improvement
district ordinance adopted by the municipality pursuant to Section 11-54B-46 shall provide
that the special assessment levied on the owners of the real property located within the geographical
area of the district shall be collected by the district management corporation, by the offices
of the municipal revenue department, or by the offices of the revenue commissioner, who may
be compensated for the service. Except in the case of an assessment against a designated class
of business, the ordinance shall also provide that the amount of any outstanding special assessment
levied on a parcel of real property, together with any accrued interest and penalties, shall
constitute a lien on the property. The lien shall take precedence over all other liens, whether
created prior or subsequent to the date of the special assessment, except a lien for any of
the following: (1) State, county, or municipal taxes....
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11-54B-9
Section 11-54B-9 Collection of special assessment; procedures; claim of lien; interest, penalties,
and fees. (a) A self-help business improvement district ordinance shall provide that the special
assessment levied on the owners of the real property located within the geographical area
of the district shall be collected by the district management corporation. The collection
procedures utilized by the district management corporation shall include the mailing of a
notice of the special assessment to the person shown as owner of the property on the records
of the tax assessor in the following manner: (1) After October 1 of each year, the district
management corporation may levy the special assessment for services to be provided during
the following calendar year. (2) The assessment shall be due on December 1 and delinquent
on January 1 following the October levy. (3) Upon delinquency, interest and penalties may
be assessed in the amounts provided in subsection (d). (b) Notwithstanding...
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